West Coast Funding

West Coast Funding Mortgage Rates and Trends Over Past Eight Months

Mortgage rates over the past eight months have stayed fairly low at between three and six percent, depending on if it is for a 15 year or a 30 year mortgage. The mortgage interest rates change frequently and this fact affects the existing mortgage rates that consumers are offered when they want to finance a home mortgage loan. Consumers looking to get a house loan want the best rates they can find, so they have to be aware of the best times to sign that loan application.

If consumers want the best mortgage rates then they have to do their homework and wait until the current mortgage rates get where to it’s worth their time and effort. The things that affect these rates is simple: supply and demand for real estate and loans. Since the housing market has had its ups and downs lately, mortgage rates over the past eight months have also gone up and down.

If there is a big demand from homeowners to get mortgages, then the mortgage rates are going to be higher. This is because the lenders know that they can make more money and have many people competing for the same loan. However, once the demand is a low and so is the supply, at that time the mortgage rate is low. To explain it further, if there aren’t many homeowners looking to get a loan, then the home mortgage rates probably are going to go.

Mortgage rate trends are also affected by how good or bad the economy is doing. That’s part of the reason why the rates change so much and may even change daily or hourly. Rates are usually lower if the economy is bad, and higher if it is good. One way to figure it out is to keep track of the rates the federal government is making through the Federal Reserve, plus the trends in other industries like consumer spending, the price of oil, the rate of inflation, and employment rates. These all factor into mortgage rates over the past eight months.