Saturday, September 28, 2013

Interest rates coming down!

What a wild ride in the Real Estate/Mortgage world we have had thus far this year! We have had a record year so far with regard to LOW interest rates. At the same time, we also saw one the fastest rises in interest rates in the last several years in just over a 3 month period! If you have been in the market for a new home, or closed on a home loan in the last 10 months, You know that rates have been as low as 3.25% on 30 yr. mortgages, and as high as 5.125%. That is a HUGE swing in rates. In the last couple of weeks, however, mortgage rates have been making a steady trek back to more favorable levels! The Federal Reserve Chairman (Bernanke) recently stated that they will continue to purchase bonds.. This is great news for mortgage rates. As of this morning. 30 yr. Fixed rates for conventional mortgages were back into the low 4% range with lenders across America. Government loans (FHA/VA) are even lower...!

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