The 30 year fixed mortgage rates dropped to 5.75% the day following the election on conventional loans. The government’s 30 year fixed rates on FHA mortgages dropped to 5.50% at the same time. That is over ½ percent drop from where the rates were last week. On a $200k mortgage, that is a savings of approximately $65 a month or almost $800 a year!
The financial markets now have clarity of who will be leading the country for the next four years. People are finally getting back to their normal daily lives with the election concluded. With interest rates lower, that could motivate some indecisive home buyers to move forward with the purchase of a home now that it has been decided who our elected officials will be.
Nick Sivertsen, Summit Mortgage nick@nicksivertsen.com
