People are buying homes right now in Indianapolis at an alarming rate. It’s a great market right now, with low interest rates on mortgages. This may not last forever though. All signs are indicating that the economy is in a healthy phase, and that usually leads to a rate hike. (We’re predicting it for the fall). If you want to get in on the low rates, now is the time for you to refinance or buy a new home. Here’s why:
The government job report, while not as rosy as it first appeared, is good enough to show that the economy is growing jobs. While this is awesome, because jobs are good, it’s never really good for mortgage rates. Mortgage rates are dependent on the movement of the stock market and how the federal bank wants them to go, and when things in the economy are going well, rates go up.
Rental prices are on the rise right now. If you’re a renter, you can expect to pay increased prices every year until this rental crunch ends. There is a shortage of rental units in many areas, because millenials are renting longer and baby boomers are beginning to transition to smaller properties and rentals. While construction efforts are ramping up to help deal with the demand, it could be years before rental prices start to drop again.
It’s really a great time because with FHA, even if you don’t have a traditional down payment, you can still get into a home. If you can put 3.5% down, you can buy a house with an FHA loan. You just have to pay PMI (Private Mortgage Insurance). However, they just dropped the rate on PMI by a half point, making it a great time to buy that new home.
Overall, it’s really the best time to get into the Indianapolis housing market. Rates are low, home prices are reasonable, rent is high and PMI is low. If you want to buy, call The Home Loan Expert, Ryan Kelley today at 317-550-1515 or apply online at www.thehomeloanexpert.com today. Nobody makes it easier to get a new Indianapolis home than The Home Loan Expert, Ryan Kelley.