This month, I’m updating you on current interest rates and expected trends throughout this year. They are expected to increase throughout the year so now is still the best time to buy a home.
Talk to us about your plans for a new home. We’ll help you lock in a good rate while the rates are still low. And add our annual client appreciation event to your schedule, we’re throwing a party on your behalf.
Watch the video for more details.
Video Transcription
“Hi, it’s Chris Lamm with Commerce Home Mortgage. This is the market update for the month of July. I hope you guys are all having an amazing summer with your families.
I’m going to talk about a couple things today. First, we want to just give an update on the interest rate market. A lot of people are talking about rates … in the month of June we saw rates come up a little bit. I want to kind of talk about what has happened there.
For most people, they’ve been watching a little bit about the news with North Korea. North Korea successfully launched a missile test right around the beginning of the month of June, and president Trump’s comments about that have caused some turbulence in both the stock market and the bond market. What we have seen is bond prices sell off, and what that does is it pushes mortgage rates up. Currently, we’re seeing rates at about a three month high. They are still right around four percent give or take, depending on the type of loan, credit score, down payment, et cetera. Obviously, that’s still a very good rate, but they are a little bit higher.
No telling what’s going to happen in the next couple months, not only with interest rates but with our country and all that stuff going on, as well. The bias is still that towards the end of the year we should see the long-term trend for interest rates continue to be going up. The Federal Reserve has already raised rates a few times this year, which has had some impact on mortgage rates.
What this means to you, is if you haven’t refinanced … we have a lot of people right now that have refinanced that have a low rate but they want to maybe do home improvements and pull some cash out because of the equity position they are in … a lot of people that have bought over the last several years have quite a bit more equity so that’s a very common thing right now. Or, if you know anybody that is thinking about buying, refinancing, relocating, and they are going to need to purchase a new house, it’s really a good time to think about locking in while rates are still low.
The second thing that we wanted to talk about … we’re very excited. We’re doing our third annual client appreciation event. We’ve done it three years … this will be our third year now, and we really kind of pride ourselves in a small town, Redding, California. Although we don’t just do lending here in Redding, it’s our primary place that we do business and most all of our clients have been referred to us and we just feel really thankful for that. This is a cool event that we’ve done three years in a row. Every year it’s gotten bigger.
I’m going to bring up a flyer and show it to you guys here. This is the third annual “Evening at the Water Park”. We’re basically doing a client appreciation event at WaterWorks Park. We rent the entire park, we’ve got a DJ, we’ve got one of our loan officers here who is going to be smoking barbecue and it’s unbelievable. It’s called Odell Craft Barbecue. If you just come for that alone, it’s worth it.
We really hope that you guys have gotten the mailer for this and that you’ve seen the information about this. We’ve sent out a few emails. If you have any interest in attending make sure you email our office. We would love to see you there.
Other than that, if you guys ever need anything, I hope you know you can always call me. I hope you have a great month.”