What Impact Have Interest Rates Had on St. Louis Real Estate?
Interest rates still remain incredibly low. Over the past two weeks, we are seeing historic lows that we haven’t had in three to four years. With all the financial instability we are seeing in the stock market and the changes that have occurred with the Brexit in the UK, there has been a downward pressure on interest rates, and we’re seeing rates lower than we ever have.
Well-qualified buyers are seeing 30-year mortgage rates around 3.5%, and even lower than that for 15-year mortgages. We are even seeing some buyers get rates in the 2.5% range.
There are some incredible financing opportunities allowing our buyers to buy a better home than they thought they could. For those individuals who have recently purchased, consider refinancing. A simple .25% change in rates can bring your monthly payment down by hundreds of dollars.
It’s a very valuable time to have a trusted mortgage adviser to walk you through the process of pre-approval, getting a loan, or refinancing. We are seeing a lot of renters considering buying over renting.
If you have any questions regarding the mortgage process, pre-approval, or refinancing, we would be happy to recommend some great local mortgage professionals to give you good advice. There are some unbelievable options out there, and we don’t want you to miss out on them.
If you have any questions for us, we would love to hear from you. Give us a call or send us an email today.
Start your buying or selling experience here with the Gellman Team for all St. Louis homes for sale and real estate.