Well a new administration is coming into power shortly and some are speculating that the Dodd Frank legislation may be repealed or modified. I am not certain repeal is necessary but there are some provisions in the law that has led to some serious problems for home buyers.
Hopefully the 115th Congress will look at some of the provisions that have created a logjam in home mortgages and a bit of a racket for appraisal companies that have jacked rates into the stratosphere and seriously hurt first time home buyers from getting a chance at the dream.
Regardless of one' political leanings, some rules changes would genuinely help home buyers and with home ownership at a 40 year low, buyers can use some help.
Rates are creeping up, I have been all over this issue and buyers are now jumping in. Sellers, sharpen up that pencil and make your deals, because once rates get up another point or so, this sellers market will go neutral quickly.
Buyers jump in now before that 4.25% rate becomes a 5% rate. I saw some November locks in the low threes and December locks were mostly in the upper threes. Now rates are above 4%. Let's be real clear friends, any rate below 5.5% is still historically a low rate. But the higher the rate, the bigger the payment and for many buyers it can be the difference between buying and renting.
This is a great time for real estate so let's make 2017 a fabulous year!
Happy New Year!