30-year rates are low. Really low. Are you going to take advantage of it?

If you just can’t decide whether or not now is a good time to buy, these rates should convince you. They are historically low and there is just no way to predict what rate they will be in the future. I had a client apply for his mortgage when it was at 6%, it jumped to 7% while it was getting approved and he locked in at 6.5% a few weeks later. This was only last month. The point I’m trying to make is that if you are thinking about buying, locking in at these rates now will give you a much better return on your investment. If you wait, there is a good chance these rates won’t be around. Don’t say I didn’t warn ya!

Freddie Mac reports a decline in the 30-year fixed mortgage rate to 5.47 percent during the week ended Dec. 11 from 5.53 percent last week and 6.11 percent a year ago.

Some lenders are locking in even lower rates as they build on momentum started when the Federal Reserve announced plans last month to purchase a substantial number of mortgage-backed securities. HSH Associates and Inside Mortgage Finance are reporting interest on 30-year fixed loans at 5.33 percent and 5.09 percent, respectively.

Freddie Mac chief economist Frank Nothaft says mortgage rates also were driven downward by the recession and rising unemployment.

Source: The Washington Post, Dina ElBoghdady (12/12/08)

Advertisements

1 Response to “30-year rates are low. Really low. Are you going to take advantage of it?”


  1. 1 Shawn December 12, 2008 at 6:52 pm

    Truer words have never been spoken. Start your refis and start getting pre-qualified now so you can lock in the rates that will work better for you down the road.

    http://www.inexpensiveinvestinginflorida.com

    Thanks


Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s





%d bloggers like this: