The Manufactured Housing Forums

Hi Folks,


Rates on 30-year mortgages spiked to 6.73 percent this week and rates on 15-year mortgages increased to 6.39 percent from 6.30 percent last week. The "5/1" ARM, set at a fixed rate for five years and adjustable each following year, averaged 6.35 percent compared to 6.29 percent last week. The one-year adjustable rate mortgage, on the other hand, remained at 5.71 percent this week.

Last year at this time, 30-year mortgages averaged 6.74 percent and 15-years were 6.37 percent. The 1-year ARM averaged 5.75 percent and the 5-year was 6.35 percent.

Cheers
Samantha

As interest rates go up, they increase your monthly mortgage payment. For example a 0.26 percent increase in mortgage rate may not sound like much but it causes a jump of $15 a month on a $100,000 loan.  That $15 a month increases the total amount you will pay on a 30 year mortgage by over five thousand dollars.  Higher monthly payments will limit your choices of homes and it will lower the the price of the homes you can afford to buy.With interest rate patterns inching upward the current buyers market could very well 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. If you have plans to buy NOW IS THE TIME. Be a  smart shopper and 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 grab this advantage pre-qualify for your mortgage.  Get exact amounts, including down payment and monthly payment quotes and lock in today's rates, before they have a chance to jump up again At this time even though there is a slump in home sales there are still thousands of Manufactured Housing Retailers and Private sellers across the country are competing  to sell existing homes to the slim number of buyers that are shopping. Many of these sellers 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