The Lender's Lounge with Morgan Mayer Wise

Get mortgage lenders’ perspectives on mortgage interest rates and where they see the market going.

Seems like interest rates are constantly in the news these days! With another rate hike this week many are left wondering what the outlook for mortgage interest rates and what their home buying power looks like now.

Today we are talking with Morgan Mayer Wise, a mortgage broker with Bridgewater Capital.  Check out Morgan’s perspective on the market and find out more about what Bridgewater Capital can offer clients interested in purchasing a home in today’s market.

What are you seeing with interest rates right now, and what is the thought on interest rates through the end of the year?

Predicting future rates is challenging in this market and subject to many variables; however, what we do know, according to the latest FED announcement this past June,  is that the inflation rate is slowly coming back down, and the FED took a break from increasing their rates after raising them ten times in the last ten meetings.   As inflation starts to drift back down and the uncertainty of 2024 being an election year, you could potentially see rates drift down over the second half of the year, which should get the real estate market moving again.  

What are you telling buyers right now who are looking at interest rates and hesitant to buy, thinking it is not a good time?

Whether or not you should buy a property depends on various factors beyond just interest rates.  I would tell buyers to talk to a mortgage broker (like myself) and consider your financial situation, long-term goals, housing market conditions, and your ability to afford the current mortgage payments.   Rates are unpredictable, however, rates tend to fluctuate over time if you look at historical trends. Seeing that next year is an election year, inflation is leveling out, and tends to be positive sides we will see rates start to slowly move back down. You can always refinance down the road, but that house you can afford TODAY might not be available 6 months-1 year down the road.  

Do you have any interesting programs that you are offering to try and help buyers?

Being a mortgage broker in this vulnerable industry is the best place I could be right now. I’ve been with the broker channel for 13 years now and as a broker, we have access to so many programs depending on the buyers needs.   I think being able to assist with the first time home buyer needing 100% financing, to the repeat investor client, or even the self employed buyer that writes off all their income is VERY Important. It gives buyers outlets to purchase NOW!

Any advice for homeowners who are on the fence about selling because of the rate they currently have versus the rates they are looking at for a new loan?

I would look at ways to lower their payment for the first 1-2 years until they can look at options to refinance but also, I would also add that house values continue to rise, so even if rates are to dip down in the next year, the house values continue to rise, so the house you’re looking to buy down at 500k could be 550k/600k the following year putting you out of the market for your current price point.  

Marry the House, DATE The Rate...

In the long run, in your opinion, why is now still a good time to buy a house?

Investing in real estate has multiple benefits and it can bring you a good bit of wealth as well with the immediate equity a lot of homeowners are seeing.    Property prices continue to rise across the board and mortgage rates are still “relatively low” but keeping in mind, you can always refinance when rates start to decline as well, bringing you even more savings.  There are also tax advantages  you can take advantages of being a home owners as well.

Bridgewater Capital, Inc.,  specializes in residential mortgages. At Bridgewater Capital, Inc., we will find a loan that fits each borrower. Unlike big banks that have “order takers” helping you with your loan, we have highly skilled loan consultants. Our consultants know what it takes to get through underwriting quickly. Also, the big banks have a limited number of lending options available and their loan programs are one size fits all. We have relationships with many lenders. We will find the lender that offers rates good for your scenario. No matter your needs, we are here to help.

Headshot Morgan Mayer Wise

Morgan Mayer Wise

Bridgewater Capital
NMLS: 84896
Mortgage Broker
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The Zahn Group is a dynamic real estate group serving the great Charlotte, NC area and upstate South Carolina.  We specialize in helping buyers and sellers in the South Charlotte area.  Contact us to learn more.