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Mortgage Rates Right Now

Mon, Aug 17, 2009

Mortgage Loan

money_pictureThe days of being able to read the market have dissipated. Most seasoned loan officers would keep a financial website open throughout the day to watch the stock market, 10 year bond market and a myriad of other reports that come out throughout the month, quarter, and year. But, with the recession, times are not predictable when it comes to rates. Therefore, you find us trusting our instincts and trying to decipher different employment, economic, and sales reports while scouring other’s predictions for a theme.

In short, rates have ranged anywhere between 4.5-6.5% for a 30 year fixed in the past year and a half. Quite often the spikes and dips cannot be connected to anything in particular. Rates currently are ranging in the mid to low 5s. If you want to read more about the interest rates, I found this article interesting: http://money.cnn.com/2009/08/13/real_estate/mortgage_rates/index.htm?postversion=2009081313

There have been some predictions that as the Federal Reserve backs off from buying treasury debt and the economic outlook improves, interest rates may begin to adjust in a more predictable pattern. I think everyone related to the lending would be delighted by this change. If nothing else, rejoice in the knowledge that current rates are about 1% below last year’s rates so that something to cheer about.

– Carrie Neidorf, Sun American Loan Officer serving Arizona, California and New Mexico mortgage-seekers. Contact her at 602-770-8977.

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2 Comments For This Post

  1. Justin McHood Says:

    Many (but not all) of the people I speak with are really just trying to figure out if they can qualify for a mortgage – and they are less concerned what their rate is.

    Guidelines are tight – and getting tighter. In just a few more weeks, Fannie and Freddie are going through another round of guideline tightening, which will mean that more people won’t qualify.

    But if you can qualify — now is a great time to buy because of the government tax incentives (there is a neighborhood stabilization program on top of the $8k new home buyer tax credit) combined with low rates. Looking out on the horizon, nothing but higher rates seem to be in our future, so don’t panic – just make sure that you are prepared for higher interest rates going forward.

    Possibly much higher.

    And as always, I reserve the right to be wrong and change my mind to avoid being wrong when speaking about interest rates.

    Justin

  2. JR of Sun City Real Estate Says:

    Since its true that nowadays we have fluctuating interest rates at a very unpredictable manner. It is always better to be prepared and know how we can combat this challenge.

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