For those trying to lock in a low mortgage or refinance rate, the current governmental standoff may give homeowners the push to go for a final opportunity to lock in some of the lowest mortgage rates ever seen. As a general rule, a slower or softer economy is not a positive for consumers. However, for those in the Scottsdale housing market looking to purchase a home, there definitely can be benefits. Earlier this summer potential Scottsdale homebuyers saw an increase of rates in response to recent comments made by the Federal Reserve. Many felt that the super low rates seen prior may be gone forever.
In the middle of September, the Federal Reserve reported there would be no cutbacks of the current bond buying programs as many consumers had speculated. That and the current governmental shut down have meant a return of low mortgage rates for those seeking to purchase Scottsdale homes. As a government shutdown is now in effect, the idea that the program would be reduced has become less likely than ever before.
Surveys released recently show that fixed rate mortgages have decreased by almost one half a percentage point since mid-September. The current rates hover around 4.25 percent for borrowers with good credit and 20 percent of the purchase price put down. With these lower rates and the inventory seeing new higher numbers in Scottsdale, buyers are in a great position to purchase a new home. Lower rates and increased inventory have the potential to increase the housing recovery in Scottsdale even further.