Is there really a 40 Year Fixed Mortgage?
Watch the original video: Is there really a 40 Year Fixed Mortgage?
Monthly Mortgage Market Update for October 2021. In this month’s video & blog, I will talk about current mortgage rate, where the housing market is going & the new loan products available at Change Home Mortgage. Watch the video above to learn more. (Below is a summary of each topic I discussed in the video)
📈 Mortgage Rates
As many of you have noticed, mortgage rates have been at a record low. As we head into the fourth quarter of 2021, interest rates are beginning to rise. As inflation in the United States begins to rise, we must pay attention to the actions of the Federal Reserve. The Federal Reserve has the ability to control inflation, but acting too early could negatively affect the economy. Ultimately, their decisions will affect mortgage rates and the housing market.
🤔 Where is Housing Going?
At this point in time, we are noticing signs that the housing market is cooling off. Heading into the next year we will continue to see more inventory on the market, providing more opportunities for buyers. That being said, homes priced aggressively are still receiving multiple bids. As more homes become available, appreciation will begin to cool off. This is not necessarily a bad thing, as the appreciation we have seen in the past two years is not sustainable.
👉🏽 New Products Available
- 40-Year Fixed Mortgages have returned to the market. This loan allows buyers to purchase a home with a lower monthly payment, spread over a longer term.
- Bridge Financing, buy before you sell. Many people are looking to sell their home before purchasing, creating a grid lock. Bridge Loan Financing allows those who have a home to purchase a new house and sell their existing home at a later date.
If you have a question about these products or any other product currently on the market, please contact us at Change Home Mortgage. We would love to talk to you.
Thank you again to those of you who have sent us referrals this year. We are so grateful to be working in such an amazing community. Have a great day, talk to you soon.