The May jobs report from the federal government has pushed mortgage rates up across the board, pushing some rates to the 4’s, after rates have been in the 3’s most of the year. This is exactly what we’ve been warning you about. What does this mean for St. Louis home buyers in the back half of 2015?
It means that NOW is the time to call. When rates rise sharply on the backs of unequivocally positive news, such as a large uptick in new jobs, it’s a sign that they could continue to rise for the rest of the year. You could be missing out on thousands of dollars. Refinancing or buying NOW lets you get these still-low rates before they have a chance to go even higher. It’s also a great time to refinance an ARM, because rates are about to rise, and you don’t want to get stuck when they do. If you have an Adjustable Rate Mortgage, call me today to get a fixed-rate and set your budget every month.
Higher rates can also make it more difficult to get that mortgage in the first place. Every percentage point you go up makes it a little harder. Even a small interest rate hike can put a borrower over the limit, making a refinance or new home purchase much harder to qualify for.
Make sure that you don’t miss out. If your interest rate is not in the 3’s, you really need to call us here at The Home Loan Expert to get the process started, before it’s too late. You don’t want to miss out on these low rates. Call The Home Loan Expert, Ryan Kelley today at (314) 781-9700 or apply online at www.thehomeloanexpert.com/newlook/saint-louis.html today. Nobody makes it easier to refinance or purchase a new home at today’s low interest rates than The Home Loan Expert, Ryan Kelley.