What Are Mortgage Rates Doing This Year in Chester County?

Matt Fetick Keller Williams Real Estate Podcast

Chester County Real Estate Agent Matt Fetick is joined by his preferred lender Mark Succarotte of New Penn Financial to discuss interest rates in 2015 and whether or not they'll remain low.

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Hey everyone, welcome back, and welcome to 2015. Today we are happy to be joined by our preferred lender, Mark Succarotte with New Penn Financial. He is going to talk today about the state of the mortgage industry, and how trends we are seeing right now are going to affect mortgages going forward in 2015.
No one ever knows for sure what interest rates are going to do, but so far this year we are off to a great start. January opened the year with tremendous volume due to low rates, the easing of credit qualifying standards, and the fact that the FHA just reduced their mortgage insurance premium by half. People who are buying now with this lower premium are saving hundreds per month on their payments.
So, what does this mean for 2015 rates? With our current healthy real estate market and economy, consumer confidence is up, and rates will probably follow. The HOA is expecting a 26% increase in new loan starts in the next year. We are adding approximately $225,000 new jobs per month and the Mortgage Brokers Association is expecting a 15% increase in the number of new home loans.
With all this great news, many analysts are predicting rates to go up, but not until the end of the year.
If you have been thinking at all about buying, now is a great time. Make sure to give us or Mark a call if you have any questions or concerns, we would be glad to be of help.