Happy Thursday – I hope you are doing well and enjoyed the holidays. For this week’s video, I want to discuss interest rates. They are continuing to drop and are in the low to mid 6’s for most people. This is great news, and we hope to continue to see them drop for the rest of the year. What does this mean for you?
If you are currently looking to buy a home, now is the time to get a great rate and not have to compete with as many other buyers. As rates drop, more and more buyers enter the market so by the 2nd quarter, we expect to see a lot more competition. So, if you can buy a home in the 1st quarter, you should be able to get under contract faster and get a better deal on your home.
If you currently have debt that is keeping you up at night, now is also a great time to look at a debt consolidation loan. We are doing a lot of these right now and are saving people $500 - $1000 a month. I know the thought of getting out of a low rate on your mortgage doesn’t feel great but if it gets you in a position where you can sleep better at night, it is worth looking at. Also, as rates continue to go down, there will be another opportunity down the road to lower your mortgage interest rate again.
As always, please let us know if there is anything else we can do to help.
Cornerstone Mortgage Group
Georgia Residential Mortgage Licensee: 21412 • Company NMLS: 147913 • Individual NMLS: 147938