Why is Friday’s Boring Mortgage Rate News Good for Santa Barbara?
The Mortgage News Daily gives the home loan industry’s workaday professionals something to read with their first cup of coffee. It catches them up on the latest numbers from the previous day’s activity and provides a running commentary on the why’s and what next?’s for mortgage issuers.
Friday’s edition gave Santa Barbara homeowners, soon-to-be homeowners, and those soon to be home sellers ample reason to head into the Labor Day weekend with renewed confidence in the current state of affairs. Friday’s lead headline in the MND provided the reason: “Mortgage Rates End Week Near Best Levels.”
The opening sentence began, “Mortgage rates caught a break…” and went on to explain that an array of underlying reasons continues to prevent home loan rates from rising. That extends a near-freeze in the low rates that has recently prevailed. Despite widespread expectations that home loan payments would rise throughout this year, rates have actually moved downward since April.
Commentator Matthew Graham summarized the plight of journalists who cover the loan industry: “If You Like Boring,” his headline read, “You’re in Luck!” “Mortgage rates didn’t move at all again today,” he groused. “If we broaden our definition of ‘sideways’ just a bit, we can legitimately fit most of 2018 into the same conversation.”
Santa Barbara home buyers and sellers might commiserate with the writer’s creative distress—but not so heartily that they would wish it otherwise. As long as the current Santa Barbara mortgage rates stay mired in the lower half of the historical range, they result in the kind of more affordable monthly payment quotes that widen the ranks of eligible buyers. It means nothing but good news, too, for Santa Barbara home sellers—and another sound reason to give me a call!