Mortgage interest rates
We know that mortgage interest rates have been at historic lows for quite some time now. That has allowed many homebuyers to afford the home they want, and the market for homes is strong (especially in the greater Nashville area). Last December, Janet Yellin frightened prospective homebuyers a little by announcing that Federal interest rates would be going up. Well, they only rose a small amount (about 1/4 of 1%), so that did not create an unsurmountable rise in mortgage rates. Buyers remain well equipped to afford gorgeous homes.
Today, March 16, 2016, another announcement was made. It’s great news. Interest rates are not going up! That — and the nearness to April 15, tax day — gives potential homebuyers a strong green light to proceed with the task of organizing their mortgage paperwork. Gather your last two years of income tax returns, your last two paycheck stubs, the last couple of months of your bank statements, and be prepared to describe your regular monthly debts. Call me and I’ll provide the name/contact info of several local, well-respected lenders. Once we get you preapproved for your mortgage, we will start the home search. My slogan is I will help get you to a better place!
Here’s a video from today (3/16/16) which explains in more detail today’s announcement.