Mortgage Rate Rise Halts

[elina]

Hi,

As predicted, mortgage interest rates closed their latest rise, as muted economic data trimmed the rising pressure of earlier weeks. The average 30-year fixed-rate mortgage (FRM) drops a single basis point, closing the pricing at 6.37%. For Hybrid 5/1 ARMs, a decline of five basis points was noted, and that average finished the week at 6.17%.


Thanks and Regards
Rob Thomos

[admin]

Anyone that shops on a regular basis knows that the price of everything is going up. Just look at your grocery tab this week. Something unbelievable happened to me this week, my Honda took $40 worth of regular gas and the tank was not empty!! Inflation is a huge factor in the current economic trends. As with everything else the cost of building components keeps rising, almost daily. So the price of new homes has no place to go but up.

With interest rate patterns inching upward the current buyers market may be the best opportunity to buy for a long time.  . Home prices and monthly payments  may never be lower again in our lifetime than they are at this very moment. Home prices may never be lower than they are at this very moment. If you have plans to buy NOW IS THE TIME.

Smart shoppers shop for the money first.  Before you even start to look at homes find out just how much you can afford to spend.   If you know that you have the loan ready to fly you can enjoy the advantage of shopping like a cash buyer and negotiating the best price for you next home.   To take this advantage pre-qualify for your mortgage.  Get exact amounts, including down payment and monthly payment quotes and lock in today's low rates

Thousands of private sellers across the country are competing  to sell existing homes . Many expected to make easy sales due to the recent housing boom, but are now finding that the market has changed and they are lowering prices to meet market conditions. Check out their listings  you might be very surprised at the bargain priced homes waiting for a new owner in your local area.

If your NOT thinking about buying this is also a very good time to refinance your home loan BEFORE RATES GO UP AGAIN.  If You Have a High Interest Rate or a Variable Rate Mortgage stop the bleeding now, because it looks like its only going to get worse.  As rates continue to rise so do your monthly payments. If you would like to refinance at today's fixed rate and save thousands over the term of your mortgage apply as soon as you can