Is fall the new spring when it comes to the real estate market? As borrowers rush to refinance or purchase their new home before November 8th, lenders around the country have been busy processing mortgage applications in time for Election Day. Spring tends to be the busiest time of year for the real estate market, but loan officers, title insurance companies, and real estate agents are enjoying record-setting September and October months!
The average 30-year fixed rate loan stands at 3.44% and the average 15-year fixed rate is just 2.72%, according to Bankrate.com.
The rush to lock in a mortgage is largely due to a fear that interest rates could rise significantly after the election. Borrowers on both sides of the political spectrum have expressed anxiety that either outcome of the election could trigger the Fed to increase rates. While industry experts caution that election results rarely cause a significant change in this regard, it’s likely a good idea for many folks to refinance as rates hover at historic lows.