January 2016 Lowest Mortgage Rates in California

It is very hard for many to believe that 2015 is coming to a close. Another year is behind us and the housing market continues to recover. As the housing market, and overall economy, recovers most economists have predicted that interest rates are going to start moving higher. Federal Reserve Bank chairman Janet Yellen increased overnight interest rates for the first time in seven years in December 2015. Most feel as if she will raise them multiple times in 2016. With this being the case, are California mortgage rates sure to rise?

If mortgage rates start to move higher it is not going to be exponentially. Mortgage rates tend to move very slowly, much like the overall economy. Unless there is a surge in home prices and a drastic decrease in the unemployment rate do not expect to see mortgage rates moving quickly. That said, it never hurts to consider refinancing or taking out one’s first mortgage today. With the 30 year fixed mortgage rate around 4% now is a great time to buy a home.

Throughout the state of California millions of homeowners have considered refinancing to lower their monthly mortgage payment. If this is something you are considering do not hesitate to reach out to us today. We can help you understand just how much money you will save if you refinance to a lower interest rate today. Most people feel as if they need to save one full percentage point to make refinancing worth it but we can go over each and every number to make certain you will save if you refinance in January 2016.

Look for overall mortgage rates to remain stable in January 2016. As the economy moves onward and upward more people will have money to buy homes. When the economy is stronger banks tend to increase interest rates on home loans and other loan products. Before assuming you cannot qualify for a low interest rate reach out to us today. We would love to help you lock in the lowest interest rates in January 2016. If you are seeking a California FHA mortgage we specialize in that area.