Saturday, June 9, 2007

Better think twice about waiting to buy!

Rates on 30-year mortgages jump
Mortgage Rate Trend Index Rates will continue to rise over the next 30 to 45 days, say 58 percent of the mortgage experts polled by Bankrate.com. Only 16 percent say rates will fall; the remaining 26 percent predicting little change.

WASHINGTON – June 8, 2007 – Rates on 30-year mortgages rose for a fourth straight week, hitting the highest level in 10 months, as bond markets responded to strong employment growth.Mortgage giant Freddie Mac reported Thursday that 30-year, fixed-rate mortgages averaged 6.53 percent this week. That was up sharply from 6.42 percent last week and represented the highest point for 30-year mortgages since they averaged 6.55 percent on Aug. 10.

I think the rates are going to continue to rise in the coming months. If you're sitting on the fence right now, thinking about buying---I think you'd better consider making your move! Call me today and we'll talk about making an offer on one of those over-priced houses out there on the market. We might get lucky and find a REALLY motivated seller!

1 comment:

David in JAX said...

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Home loan interest rates will continue to go up since most home loan rates are directly or indirectly tied to the 10-year treasury bond. These bond rates must go up because foreign countries are leaving the US Dollar for Euros, Pounds, etc. as a researve currency. The bond rates must go up to attract new bond investors. When the rates go up, so do interest rates on home loans. Bond rates won't go back down until the US Government stops adding so heavily to the national debt. That won't happen until the war in the Middle East is complete which (for or against) is a discussion for another blog.

So, home loan interest rates must go up from here.