I hope you all had a happy new year and a happy and safe holiday season. To kick off 2019, I’m here with Brandon Moss of Fairway Mortgage to discuss some things that are going on in the lending world of real estate.
Right now, everyone is talking about the fact that interest rates have dropped. Last year, we saw rates go up a handful of times, most recently in December. However, at the start of the 4th quarter, we saw a heavy decline in the stock market, which has helped mortgage rates quite a bit.
We’ve actually seen rates drop from around 5% to the mid 4.5% range, some of the best levels we’ve seen in the past year. This is great news for anyone who is looking to buy a home or refinance their current mortgage.
The other piece of big news is that the conforming loan limits have also increased nationwide. They have gone up from $454,000 to $484,00. In high-cost areas like Los Angeles, this amount has increased from $679,000 to $726,000. This means that more buyers are going to be able to qualify for a larger loan amount at more flexible conforming guidelines. This helps both buyers and sellers as we head into 2019.
If you have any lending questions for Brandon, feel free to reach out by giving him a call at (818) 256-4330 or sending him an email at Brandon.Moss@fairwaymc.com.
If you have any other real estate-related questions or needs that I can assist you with, don’t hesitate to give me a call or send me an email. I look forward to hearing from you soon.
