Uh-oh...mortgage rates hit 10 month high!
by Kaushik Sirkar, Chandler AZ REALTOR
Chandler Arizona Real Estate
I'm sure most real estate professionals keep track of mortgage rates. I'm sure most folks considering the purchase of a home do the same. But, I'm also guessing some people (professional or consumer) have been remiss in keeping up. So I thought I'd post a little update.
This was posted today in money.cnn.com. Mortgage rates are now at a 10 month high with the 30 year fixed having passed 6.5%. One always says to not attempt to 'time the market' - if you find the right house for you and your family and the #'s work, consider that the #'s can get worse, even in a buyer's market such as this one (at least in AZ)!
Thanks for Reading :)
Kaushik Sirkar, Chandler AZ REALTOR
http://www.homesphx.com
Whether it be Chandler, Gilbert, Tempe, Scottsdale, Phoenix or Maricopa or I am ready to serve all your real estate needs! Please visit www.homesphx.com for MLS access and additional information.
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Nice article. It seems that at least one of the qualifiers are still going up. I don't think the Fed is going to assist any with this with the short term rates either.
I'm getting a little nervous. Up three weeks in a row. Could be trouble brewing, even for Seattle, which has remained quite strong.
Important to keep up to date. But in the bigger picture, still good rates. Anyone else remember the days of 9.8% loans?
Never worry about the rates and the market. People are always moving, so concentrate on those you can help. For those who waited too long, well...they should have listened to you in the first place.
I like your line about not trying to time the market. those are very important words right now. As for the mortgage interest rates, while they are high right now, hiistorically, they are still very low. However, if you have a customer on the fence, let them know that rates are on the rise!
William - Agreed. The FED is not going to try to bail us out of this one, in my opinion, either.
Ardell - Yup, there is a VERY tangible difference between say 5.75 and 6.5....
Robert - 9.8%? Heck, we were well into the teens during the 80's!
Steven - Valid advice, focus on those that are ready to 'do something'
Joe - Its a standard line. It even works with the stock market, ie dollar cost averaging (somewhat different, i know, i know)