Rates are at an over-1-year low. Are you house-hunting?
It’s Spring, we’re after Easter and soon we’ll have passed Passover. Opening Day is behind us, the Fenway Home Opener is almost here, even if the cold weather took its time leaving. Which means: Home Buying Season is in full swing! One of our favorite times of the year here at Discount Packing Supplies, of course.
This year, an extra with unusually low mortgage rates, combined with the Federal Reserve still strongly hinting that they will raise the Federal Funds rate and discount rate twice this year. Which means, it may be time to start shopping for that starter home, trade-up house, empty-nest downsizing, second home or vacation property, before rates go up.
The Fed doesn’t directly control the mortgage rate, despite what many people think. But nearly all interest rates get affected when the Federal Reserve raises or lowers its own rates. Or even just speculates about doing so. Anybody with credit cards linked to index rates saw their rate go up a little late last fall, when the Fed raised their benchmark. The Fed rate does influence the overall “cost of money” throughout the economy, so everything from car loans, to business funding, to credit cards, to yes, your new mortgage (or the adjustment on your adjustable one) tends to move up when the Fed moves up. Bankrate.com goes into detail on how mortgage rates have reacted to the latest announcements by the Federal Reserve. Want an overview of how Fed moves move the mortgage market? A few months ago, after the last change, Fox Business had a great explainer on just that.
Perhaps you should start looking for your new home, now? We’re packing specialists and moving consultants, not money managers! Nobody knows exactly what the markets will do. But right now, with rates low, it’s worth considering a new home, or your first home, while rates are still so affordable. How much mortgage can you afford? The folks at local investment giant Fidelity have an informative article about factors you should consider for home affordability. Then checkout and try their “How Much House Can I Afford?” calculator.
Ready to shop? But not sure where to start? Visit our referrals page, where we list several real estate agencies, most of whom are Realtors®, and our list of other home-buying-and-selling professionals, to get started. If you are considering selling, here’s two great ideas: First, clear out the clutter, using one of our packages of moving supplies just right for any home size, or individual boxes and packing materials. Get things off the tables and floor and well-packed into proper boxes stored in your attic, basement, or in professional warehoused or self-storage. We can help arrange all of that. Second, consider a professional home staging expert. Yes, we have recommendations for that too!
As always, whether moving in, moving out, or moving up, we at family-owned Discount Packing Supplies wish the best to you and your family. Contact us by phone 1-508-358-6058, email email@example.com, or right here via our website, to discuss how we can help you! Already know what you need? Place your order securely with our online order form. We’ll be in touch to make sure we get you exactly what is right for your move, clean-up, staging, or other moving supplies requirements.