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Homebuyer’s Mortgage Watch – October 11, 2020 - Is Now the Time To Buy?

Dated: October 13 2020

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Graphic showing the 8 week trends of mortgage rates up to October 11, 2020

To find out if now is the time to buy, check out this week’s mortgage highlights:

  • Mortgage rates remained mostly level last week as stimulus talks appeared to stall and economic data continued to tell the same story.
  • While most economic data has been coming in positive, we still have a long path for the economy to return to pre-pandemic levels.
  • Most experts believe that we need another round of stimulus to keep the economy moving forward, or else we might begin to slip backward. When and in what form that stimulus will come continues to be a great unknown.
  • This week is once again likely to see markets focused on politics. The market has remained confident that the next round of stimulus would come soon.
  • However, the definition of “soon” seems to be changing by the day. Any signs during this week that point to a surprise compromise could push stocks upward. If that happens, the money will move out of bonds, pushing mortgage rates upward.
  • Even if we get good economic data this week, mortgage rates are less likely to move upward by much. If we get poor economic news and more political rancor, rates could even slide slightly downward.
  • So is now the time to buy for you? Purchasing a home is about finding the perfect time in YOUR life. Click here to start your home search and see what’s available in today’s real estate market that fits your needs.

30-Year Mortgage Holders Need A Loan Review

Do you or anyone you know have a 30-year mortgage? A new study by research firm Black Knight found that 43% of homeowners with one of these mortgages could save money with a refinance. While many homeowners are pleased with their current mortgage rate, the time it takes to analyze and refinance a mortgage is trivial compared to the hundreds or even thousands that you might save.    

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James Kazebee

Having grown up and lived in North San Diego County for over 40 years, we know the area; it’s our home. We’ve been married for 28 years while Melissa was a stay-at-home mom to two kids, and Jim wo....

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