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New York Times thinks rates will hit 4.5%!!!

The New York Times published an article Friday stating that now is the time for first time home-buyers to take advantage of the market. It's an interesting read, but the cliff notes version of it is that interest rates are below 5.5% right now, and it's possible that they may be pushed down to as low as 4.5% in the very near future.

The market is a double edged sword: if you are only going to be in the area for 2-4 years. you should probably be renting. However, if you're a home-buyer looking to live in the area for 5+ years, the odds of seeing a fixed interest rate of 4.5% rate again are pretty slim. Quite simply, it's a monumental rate drop!

~Jonathan Benya- Realtor
Century 21 New Millennium
9405-A Chesapeake St
La Plata, MD 20646
301-609-9000
301-653-8116
Charles County Real Estate Blog

Posted by Southern Maryland Real Estate~ Jonathan Benya on 12/10/2008 01:38 PM

Comments (5)

Interest Rates in the Mortgage / Finance Channel

buying a home, interest rates, mortgage rates, maryland, first time home buyers

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5 Comments on New York Times thinks rates will hit 4.5%!!!

DEC

I have just one thing to say about floating in today's market

Pigs get fat, hogs get slaughtered!!!

Hi,

The rates are great right now. I have a buyer who has a VA loan and locked it in this week at 5.5% that is just awesome. I am a Century 21 real estate professional too. Good luck!!

Maureen - you are soo right!

Jonathan - I had been of the mind when rates changed and gain momentum they woul dbe in the 8's by this time of year. Honestly, I think rates in the 3's are a very real possibility now. With that said - if you can get a fixed rate in the low 5's - lock that bad boy and run to closing and never look back!

Jonathan: Buyers should look at the 5's now, personally I think the rates are terrific. I personally would not want to risk a good rate now for a dream rate later.

DEC

Lewis- How right you are! Trying to chase to the bottom is nearly impossible, and odds are you're going to get burned! However, I do think that this is EXCELLENT motivation to get off your butt and into the market!!!

Dona- I agree, but at the same time, I don't see rates rising significantly between now and spring, so it's kind of a toss up on what to be doing at this moment.

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