Brent Phillips from Rock Mortgage answers our interest rate questions.
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We sat down with Brent Phillips from Rock Mortage to go over how mortgages and interest rates are looking in today’s market.
What’s happening with interest rates right now, and do you see them going up anytime soon?
Interest rates are holding steady, especially for purchases, but they’re actually the best they’ve been for refinances in nine months. With where the economy is at and how much money the government is printing, we don’t expect these rates to go up anytime soon either.
How can people take advantage of these rates?
The best thing to do is buy and buy now. Refinances are doing good as I mentioned earlier, so that’s not a bad option either. We do expect rates to rise eventually, so buy now.
Getting a fixed mortgage is critical at this time.
What factors influence mortgage rates?
There are three main things that affect your rate: your credit score, how much money you put down, and if you have anyone else on the loan. On top of that, the loan type can make a big difference.
Are there any downsides to these low rates?
That sounds like a weird question because you would think that there’s not. But it’s always good to be careful, and make sure you’re getting what’s advertised. A lot of companies will charge you various fees that effectively buy down the rate, and you don’t want a variable rate mortgage since we do expect rates to rise eventually. Getting a fixed mortgage is critical at this time.
That’s all we have for you today. For all of your buying and selling needs, feel free to give us a call at the Taylor Team. For all of your mortgage needs, don’t hesitate to reach out to Brent at (913) 231-5650 or firstname.lastname@example.org. We’d love to hear from you.