Leavenworth Mortgage Update

This Leavenworth Mortgage Update is from Darel Ansley at People’s Bank
Hi everyone,
The year has gotten off to a great start with mortgage and construction rates dropping as the fear of recession is pulling the stock market down. This of course makes Real Estate more affordable for the buyer. My prediction is that we will see some more bad economic news this month as more companies report their 4th quarter earnings, and this may pull mortgage rates down further.
Here is what I have seen so far this year: people are coming in to finance land purchases, mostly for near term custom construction, others who own lots are coming in with their construction packages, ready to start building as soon as the ground is ready. Some people are refinancing to pull money out for remodeling. I am also seeing the regular flow starting up of people buying homes and refinancing (both land and houses).
Things slowed in December, but these lower rates are spurring activity, so it looks like we’ll have another great year.
Don’t forget, the NCHBA Home Show is coming FEB 8-10.