Gretchen Coley Properties: What's Going On With The Markets & Mortgage Rates?
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Hey there, it’s Gretchen Coley. And I am here with my good friend and trusted colleague
Jean Hedges. She is with The Hedges Team at Southern Trust Mortgage
and she has been a lender
for me for a long time. Super knowledgeable in the business and has built a great team.
So thank you so much for being here with us Jean.
We’re excited to have you at this crazy time in the market.
Thank you for having me. It’s good to get out of quarantine.
We’re still kind of keeping a border up in between us
but. So Jean,
you know, you and I were talking
and there’s so much going on in the market that people are they don’t know what to do. Every day
there’s a new announcement. The Fed is cutting rates a half a point then another half a point
and I don’t know about you
but I’ve got people calling me wanting to know if they can get a zero percent interest rate.
So why don’t you tell us a little bit about what you’re seeing?
All right. Well, the news is good. It’s a good time to watch the news, to be smart to stay informed,
but keep in mind,
you know, they’re basically selling advertising
and don’t get just don’t get swayed too much in either direction.
It is a great the housing market was never stronger
until we hit COVID-19. And we’ve got people particularly in our market,
we were ranked one of the top recession-proof markets in the country.
Wow, and we’ve got the best job stability here.
So as people get into this panic mode it we don’t know where that’s going to go.
But for you the best thing to do is to stay calm stay centered
and think what is best for me in a good market.
This is going to blow over. In China
they’re already seeing a reduction. They’re getting back to business as usual.
So if you’ve got the good fortune to be home for a few weeks to enjoy your family and your kids.
This is a time to really get centered.
Think about what do I really want in a housing situation?
Am I good where I am? Do I need a bigger house?
Do I need to buy a house, am I renting right
now. And I would block out the noise and really focus on you and then prepare you’ve got space now.
There’s this wonderful little gap in time that we almost never
get. And you can go into that gap and think do I need to work on my credit?
Do I need to save for a down payment?
Do I need a bigger house because my kids are all over me.
Do I need to do something to my house? And I’m in my house
and it’s just a time I can paint a few walls and maybe just fix a few little projects
You know get a few little projects. You can declutter, declutter!
You can go on Amazon and buy new light fixture.
You don’t have to go out to do those things.
So it is just a just look at it as a little blessing in disguise.
So we’re seeing that the Fed has reduced rates
and reduced rates and reduced rates. Where are rates right now?
And how are you feeling? What are you communicating with you people who are actually calling you?
Right now rates are at all-time historic lows.
I mean, my first home, do you remember your first home what your interest rate was? it wasn’t four percent!
I want to say was like seven. Mine was ten and a half percent. When we moved here 20 years ago.
We thought 6% was phenomenal.
Now, we’re definitely in the mid threes. Despite
the Fed’s announcement, interest rates have pretty much stuck in the mid threes for mortgages.
It’s a fantastic rate.
Are they going to go down? According to my head of secondary this morning,
they are expecting them to go down even further.
So if you’re thinking of refinancing,
what our recommendation is; get your application in, get us ready get ready to get locked
when they drop. If they go to two and a half that window could close in very quick half an hour. Yeah,
just last week we saw rates hit 3.29.
I don’t know if I like it three percent with no points was the lowest that I locked. Wow!
Wow, so that happened last week and they popped right back up after that.
So, you know, it is impossible to time the market right? Many many smarter people
than me have tried to do that. Buying low selling high.
It’s even harder to do it on the reverse.
So remember not to chase it
but to just have all your ducks in a row right? Exactly, be ready
and let a good loan officer manage it, pull the trigger when the time is right for you.
So if you are thinking about any of of these things if there’s any
swirl going on. If you’re home with your kids
and you realize you know what,
all those things that you’ve not been really happy with your house are really being a light
as being shown on those things.
Then reach out.
Gretchen Coley Properties | Allen Tate Realtors
License #: 209948
3201 Glenwood Ave., Raleigh, NC 27612