So you’ve been careful with your money all these years and have always put some aside for a rainy day? Good for you! Even when the economy is weak, those who plan ahead can benefit from its downturn by taking advantage of market conditions. Even mortgages can benefit during tough economic times as rates tend to drop when weak economic data is reported. How can you as a savvy consumer benefit from this? It’s as simple as following the numbers!
Weak economic data usually means that consumers are pulling back on spending and are concerned about their jobs and other financial matters. As a result, the mortgage market usually sees a drop in demand for mortgages and a drop in the interest rate charged for mortgages. Those who have put off buying a house for some time and have stellar credit may find that during these economic downturns they can get more house for less money and a great rate to go along with it!
As always, it pays to keep on top of mortgage rates which often change week to week. If you are thinking of taking on a new mortgage one item that you should pay attention to that could potentially raise the rate is inflationary data. When...
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