TheLas Vegas real estate market is on the move, to say the least! We have been advising our clients to lock in a good mortgage rate as soon as they find it – here is some background on why it’s important to seize the day and grab that mortgage rate when you can.
This is not a significant news flash to anyone that is in the Las Vegas real estate market - the world’s financial markets are in a turmoil and moving into uncharted territory; if you are trying to get a handle on what is likely to happen to mortgage rates has become more baffling than usual.
The rates on plain vanilla 30-year, fixed-rate loans tumbled after the government seized control of mortgage financiers Freddie Mac and Fannie Mae earlier this month. The following week, loan applications from borrowers eager to refinance shot up 88 percent, while those from people looking to buy a home went up 5 percent, according to the Mortgage Bankers Association (these are national numbers not just for Las Vegas real estate).
The average rate fell for the fifth consecutive week, to 5.78 percent, from 5.93 percent the previous week and 6.34 percent a year ago, according to a recent Freddie Mac survey.
The absolute take it to the bank bottom line being echoed by many consumer advocates, is that if you’re shopping around for a loan and you find a rate that works for you, don’t lay back in the weeds and wait for a better one, grab it when you can!
We are telling our clients not to risk a botched deal by waiting for an even lower rate. This could be a mistake – we are living in a world of highly volatile market conditions and your opportunity to get a Las Vegas real estate deal completed may be gone before you realize it. Seize the day, take the rate and close the deal.
The market is again very fluid and we are seeing many deals with multiple offers driven by several factors including: more and more investors moving into Las Vegas real estate, lower mortgage rates, occupancy rates of 95% for rental properties, heightened interest from investor/second homeowners from outside the US, affordability factor for Las Vegas real estate driven by falling dollar against other currencies, etc.
Time waits for no woman, man or mortgage rate shopper – seize the day and take the mortgage. If you need more help with Las Vegas real estate call us or visit our web site, we are here to help!!
Tomorrow we will go through a Q&A about Mortgage Rates – stay tuned…………….
