This past week, Francesco Foggia, Hilton & Hyland’s trusted mortgage lender, provided his first update on the United States housing market since the new year.
American stock markets started the year in rocky fashion after the Chinese market stalled, and oil prices slumped to below $30 a barrel.
“In addition to cheap gas prices, mortgage rates are significantly lower,” according to Foggia. “The average rate on a 30-year mortgage dropped to 4.06% from 4.12%.”
Even more encouraging for potential home buyers is speculation that those rates will continue to fall with a US 10 year note’s yield now below 2.0%.
Foggia notes, “We don’t expect a turnaround in the markets anytime soon. The next Federal Reserve hike [has become] less likely with many people believing the December rate hike was ill-advised in the first place.”
To ensure that you secure a favorable rate, expedient funding, and unrivaled service, HIlton & Hyland suggests using our chosen lender, Guaranteed Rate, with our trusted VP of Mortgage Lending Francesco Foggia.
For more information on Francesco Foggia and Guaranteed Rate, click here.