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!