Incredible Mortgage Rates wait for Buyers Ready to Buy!
I recently asked one of my lenders to write me something I could quote here about the current mortgage market and rates. Wayne Stephens has been in a Loan Originator for more years than I can count. He is with F&M Mortgage which is a favorite with our local builders. He knows this business inside out!
This is what he just told me about the current market:
"Rates continue to be a pleasant surprise. At the end of March the Feds stopped buying up Mortgage Back Securities. Everyone thought at that time, long term interest rates would begin to climb. Rates actually did begin to climb in April and at one time were up around 5.375%@ 0&0 on a 30 year mortgage, but along came the debt crisis in Greece that has helped ou the Bond Market. As bonds are a safe haven from stocks. People began to fear the stock market and started selling off and running to the bonds.
With the stocks selling off and everyone buying bonds, it drove down the yield on the 10 year treasurey last week, which is one of the many things that drive long term interest rates.
Then Germany announces that they are making some changes in its market, that has people questioning just how bad things are in Europe. The yield on the 10 year Treasure has gone from 4.01 down to 3.22 as of this morning. Rates have moved ove the past few weeks from 5.375% down to 4.750% on a 30 year fixed conforming mortgage and FHA or Government Loan.
If you are thinking of buying a home, now is the time to buy. Or if you are thinking of refinancing, MOVE on these rates NOW! DO NOT WAIT!!!! What goes up will come down but what goes down will normally rise again!"
It just so happens that I am in the market for a new home. Realtors make the absolute worst clients! Gosh we're a picky bunch! But I say this because I really want to get something under contract before the rates go up. Buyers, listen to me. I am following my own advice. Let me help you if I can!
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