We were curious. What’s on the horizon with interest rates? Will they stay low? Will they go up? Our friend (and mortgage guru) Steve Kyles at Legacy Mutual Mortgage weighs in on the connection between interest rates and the election (keep reading – you don’t want to miss this!).

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Around election time, people want to know (among other things) – how does the outcome of the election affect me day-to-day? What does it mean for my taxes? What does it mean for my healthcare? Well, in the mortgage business, we want to know – what does it mean for interest rates?
Historically, rates leading up to an election stay relatively stable – we’ve seen this in the last 6-9 months – but it won’t last. The direction of the candidate elected will affect exactly what happens with rates, but it’s a safe bet that whoever is elected, rates are going to rise.
How will this affect you day-to-day? Great question.
On September 26, rates dropped to their lowest point in 86 years, and when rates are this low, there’s nowhere to go but up!
In the last 30 days, we’ve seen rates inching higher by 1/8 – 1/4%. Currently, we’re sitting at about 3.25% for a 30-year fixed mortgage and 2.8% for a 15-year fixed mortgage (anything under 6% is considered a great interest rate, and here we are at about half that!).
In one year, I estimate rates will be back above 4% for a 30-year fixed mortgage (3% for a 15-year fixed mortgage) and on the rise. My advice to you is, if you’re considering purchasing a home, NOW is the time to buy! Get under contract shortly after the election to take advantage of the low rates (they won’t be this low again for a long time).
.75% may not seem like a lot, but that can add thousands of dollars on your mortgage at the end of the day.
No matter what candidate you’re voting for, I think we can agree on one thing – lower rates are better for you (and a good reason to act now!).
The Steve Kyles Team at Legacy Mutual Mortgage is one of Houston’s top residential mortgage teams. Our in-house underwriting, processing and closing gives you the confidence that The Steve Kyles Team will close your loan accurately, on time and with clear communication.  For more information about Steve Kyles, contact him directly at 713-844-8060, steve.kyles@legacymutual.com or visit www.TheKylesTeam.com.

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