In case you’re wondering, the current economic scenario does not bode well for an increase in interest rates.
Toward the end of 2015, Federal Reserve President Janet Yellen presided over the first rate increase since the Great Recession began. Bank stocks, along with financials in general, rallied, in hopes interest rates would finally recover, leading to an environment where rates could be increased.
Since the new year, 2016, the exact opposite has instead taken place. Financial stocks have plummeted, now that it’s clear rates cannot continue to rise due to a jittery economic outlook.
Stay tuned. Given it’s also an election year, rates are bound to stay right here where they are. Of course, this helps housing.
I’m Mario Quintero, your Miami residential home mortgage specialist. I deal in all types of mortgage loans, including reverse mortgages, jumbo, conventional, FHA and foreign national.
Call me today so I may help you secure the best interest for your new purchase or refinance.