We just wanted to take the time to reach out regarding a lot of negativity in the news lately about the real estate market, interest rates and where things are heading.
Just this morning on the news we heard that April sales were down over 30% from last year and while last year’s market was an anomaly, we think it’s fair to say that the bad press is causing some of this down turn by portraying this as a “bad time to buy or sell”.
Yes, rates have been on the rise over the last year, however, did you know that you can still get interest rates as low as Prime (currently 3.45%) -.95% on a variable term or 3.29% for a 5 year fixed. These are still some great rates compared to what we’ve experienced in the past!
Even if you are not in the market to move, it may be a good time to refinance and consolidate some of those debts that may be eating into your monthly cash flow. Why continue to pay up to 20% interest on credit cards when you could borrow against the equity of your home and pay them off.
Market prices are starting to settle down, unemployment is at a 40 year low and rates are still good. Those are a few things to remain positive about.
If you have any questions or concerns regarding your mortgage or the market in general, please let The Mash Team know and we will be happy to help. #cbrmr