Capital Homes Blog

October 08, 2015 : Housing Market
  • Rising and Falling Mortgage Rates: When to Buy

We’ve seen mortgage rates stay at a consistent, historic low over the last 7 years, to the benefit of many happy homebuyers. Lately, there has been talk about experts expecting rates to raise, including an expected rate increase later this year. Federal leaders did not raise rates recently, as many expected they would, because of volatility in international markets. However, it is generally expected that rates will slowly rise in the future to mirror the stabilization seen in the market.

Overall, this is a great thing for both the industry and current and future homeowners. Rising rates mean mortgage lenders and home builders are working in a more stable lending and building environment. And, even if rates rise, they still will be significantly lower than before the crash, meaning home buyers can continue to reap the rewards with low monthly payments.

With the ups and downs in the market, it might be hard to know when to jump in and buy a home. Here’s the short answer: When it comes to mortgage rates, any time is a relatively great time to buy. Mortgage rates are expected to increase before 2016, so the sooner you jump in the game, the better. But, even if you miss the boat, you’ll still be dealing with low rates. Tulsa specifically has seen a steady increase in home values, regardless of dips in the market.

Getting pre-approval from your mortgage lender will always help your home buying or home building process. Along with pulling your credit report, here are a few things your mortgage lender will need to help get you pre-approved:

     1. Proof of income, like your W-2 statements and verification of any additional income sources.

     2. Proof of any liquid assets you’re using as a down payment.

      3. Driver’s license, Social Security number.

Don’t be intimidated by the mortgage lending process. They are there to help you, and with rates as low as they’ve been for a while now, there is no better time to get some help.

About Capital Homes

About Capital Homes

Capital Homes has always valued trust as the foundation of its business. We strive to create a strong, trusting relationship with each customer and approach decisions with a sense of fairness as a guiding light. For this reason, we long ago adopted “We Build Trust” as our motto.