Mortgage Interest Rates

By
Mortgage and Lending with George Souto NMLS #65149 FHA, CHFA, VA Mortgages NMLS #65149

In the past two weeks we have seen a slight increase to the Mortgage Interest Rates, as oppose to the drop in Mortgage Interest Rates that we had been experiencing for most of the year.  However this week we have started to see the Mortgage Interest Rates return to the pattern that they had been for most of the year.

There is no secret to why we have been experiencing a drop in Mortgage Interest Rates for most of the year, and that they are at the lowest levels than most of us can remember.  This has happened because of a weak economy here in the US and the debt crisis in Europe.  These two things have caused investors to seek safer investments like Government Guaranteed Bonds.

However, we have most likely seen the last of the significant drops in the Mortgage Interest Rates, unless there is another major down turn in our economy, which I don't think anyone wants to see.  The other thing that could possibly bring the interest rates further down would be for the government to once again interfere in the market.  That also in my opinion would not be a good thing, the more the government interferes, the worse things seem to get.  It is time to let the market run its course like it has to for there to be a true turn around.

Mean while if you have not taken advantage of the present low Mortgage Interest Rates, you should seriously think about doing so, because who know how much longer the Mortgage Interest Rates will remain at the present level.  Now is a great time to buy with the Mortgage Interest Rates and home prices this low.  If you are already a homeowner then it is a great time to purchase a larger home, or to Refinance your present mortgage.  In most cases those that are Refinancing, are doing so for Mortgage Interest Rates that are 1% to 2% less than their present rate.  That can mean a significant reduction in most monthly mortgage payments.

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Info about the author:

George Souto is a Loan Officer who can assist you with all your FHA, CHFA, and Conventional mortgage needs in Connecticut. George resides in Middlesex County which includes Middletown, Middlefield, Durham, Cromwell, Portland, Higganum, Haddam, East Haddam, Chester, Deep River, and Essex. George can be contacted at (860) 573-1308, gsouto@mccuemortgage.com, or visit my McCue Mortgage Homepage.

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 Info about the author:

George Souto NMLS# 65149 is a Loan Originator who is licensed in #CT, #RI, #MA, #NH, & #FL and can assist you with all your #FHA, #Conventional, #VA, #USDA, and #State Bonded Progam #mortgage needs in #CT, #RI, #MA, #NH, & #FL. George resides in Middlesex County which includes #Middletown, #Old Saybrook, #Middlefield, #Durham, #Cromwell, #Portland, #Higganum, #Haddam, #East Haddam, #Moodus, #Chester, #Deep River, and #Essex. George can be contacted at (860) 573-1308 or souto@snet.net

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Re-Blogged 1 time:

Re-Blogged By Re-Blogged At
  1. Debbie Aldrich 09/14/2010 07:33 PM
Topic:
Lending / Financial
Location:
Connecticut
Groups:
Mortgages
1st Time Buyers
Real Estate Rookie
Connecticut - What makes us GREAT
RESPA
Tags:
mortgage interest rates in connecticut

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Rainmaker
679,289
William James Walton Sr.
WEICHERT, REALTORS® - Briotti Group - Waterbury, CT
Greater Waterbury Real Estate

George, does this mean for all of the buyers who were waiting for the right time to buy that the time has past? It sure sounds that way.

Sep 14, 2010 10:06 AM #1
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George Souto
George Souto NMLS #65149 FHA, CHFA, VA Mortgages - Middletown, CT
Your Connecticut Mortgage Expert

William I would not say that, but if they have been waiting for the bottom to hit in interest rates, I do think we are there, and there is only one place to go from the bottom :)

Sep 14, 2010 10:28 AM #2
Rainmaker
597,982
Valerie Osterhoudt
Johnson Real Estate, Inc. - Cromwell, CT
ABR, Cromwell, CT Real Estate ~ 860.883.8889

George.. BITE YOUR TONGUE!  I don't want to see any more drops in the interest rate to due economic conditions.

Sep 14, 2010 10:44 AM #3
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George Souto
George Souto NMLS #65149 FHA, CHFA, VA Mortgages - Middletown, CT
Your Connecticut Mortgage Expert

Valerie, I know what you mean, my fingers twitching as I was writing those words :)

Sep 14, 2010 10:59 AM #4
Rainmaker
592,907
William J. Archambault, Jr.
The Real Estate Investment Institute - Houston, TX

George,

If a person needs to buy they should do it now!

Despite everything rates are artificially low. I don't know when probably about April of 2913 we'll see a one in front of today'slow rates. Maybe even a 2 remember 1985! I was financing $1,000,000.00 + homes at Lake Tahoe at 21.5%.

Bill

Sep 14, 2010 11:11 AM #5
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George Souto
George Souto NMLS #65149 FHA, CHFA, VA Mortgages - Middletown, CT
Your Connecticut Mortgage Expert

Bill when I purchased my house in 1981 the rates were 15%.  I almost break out laughing when a borrower starts to complain about the rate being 4.5% and not 4.25%.  Talk about being spoiled :)

Sep 14, 2010 12:05 PM #6
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Andrea Swiedler
Berkshire Hathaway HomeServices New England Properties - New Milford, CT
Realtor, Southern Litchfield County CT

George, it is time to buy if they are thinking about it. Some towns are seeing homes increase again a bit, so now it the time!

Sep 14, 2010 01:55 PM #7
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George Souto
George Souto NMLS #65149 FHA, CHFA, VA Mortgages - Middletown, CT
Your Connecticut Mortgage Expert

Andrea, I would hate to be one of those people later on saying I wish I had :)

Sep 14, 2010 03:02 PM #8
Rainer
104,867
Debbie Aldrich
The Watts Group Real Estate - Cottonwood Heights, UT
Salt Lake City Realtor - Salt Lake County, Cottonwood Heights

George, For some reason people think we will never see a turn around, well for all our sakes we need to hope for one and those who snooze loose.  I agree, no one should be waiting to buy if it's to see if our market can get any worse....not a good strategy.

I will re-blogg to get this out there over here.  :)

Thanks George.

Sep 14, 2010 07:27 PM #9
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Ed Silva
RE/MAX Professionals, CT 203-206-0754 - Waterbury, CT
Central CT Real Estate Broker Serving all equally

George, the best thing for our economy would be a rise in Interest rates, even though if they rise we have the inflation worries. But worrying about inflation would mean our economy is booming, and right now we are close to a bust. If a buyer is ready, or close to ready, it won't get any better than it is right now.

Sep 15, 2010 12:13 AM #10
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George Souto
George Souto NMLS #65149 FHA, CHFA, VA Mortgages - Middletown, CT
Your Connecticut Mortgage Expert

Debbie I have to laugh when I here people say that it is going to be 15 to 20 years before we get back to where we were before this mess started.  I don't know what crystal ball they are looking in, but I do not remember us ever being stuck in a cycle anywhere that time period in my life time (which is over a half a century).  But there is one thing that I do know when it does change we will not realize it until it has zipped by us.

Ed I agree, low rates sound good, but it isn't if it is for a long period.  We need to turn this economy around, and get people back to work.  The rest will all follow along.

Sep 15, 2010 06:41 AM #11
Rainmaker
1,062,155
Bill Gassett
RE/MAX Executive Realty - Hopkinton, MA
Metrowest Massachusetts Real Estate

George it is pretty scary to think where the market would be without the low interest rate environment!

Sep 16, 2010 12:56 AM #12
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George Souto
George Souto NMLS #65149 FHA, CHFA, VA Mortgages - Middletown, CT
Your Connecticut Mortgage Expert

Bill it is kind of like a double edged sword.  Right now we need the low rates because of the state of the economy, but we would be better off with the economy of lets say 2004 & 2005 and the higher rates.  Actually the rates were in the 6% to  7% range back then, which was still pretty low.

Sep 16, 2010 04:16 AM #13
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1~Judi Barrett
Integrity Real Estate Services 118 SE AVE N, Idabel, OK 74745 - Idabel, OK
BS Ed, Integrity Real Estate Services -IDABEL OK

If people need/want to purchase.. their employment has some promise of being permanent and they qualify for their loan... GO FOR IT.

Sep 16, 2010 02:27 PM #14
Rainmaker
16,442
Ray Saenz
Pending - Laredo, TX

George,
Interest rates are still low and buyers shall need to take advantage of it, btw, thanks for sharing the list you baseball player ! :)
Take care

Sep 17, 2010 03:13 PM #15
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George Souto
George Souto NMLS #65149 FHA, CHFA, VA Mortgages - Middletown, CT
Your Connecticut Mortgage Expert

Judi, your right "It's Time!!!"

Ray, thank you for sharing your list as well.

Sep 17, 2010 03:56 PM #16
Rainmaker
1,329,637
Nick T Pappas
Assoc. Broker/Broker ABR, CRS, SFR, e-Pro, @Homes Realty Group, @HomesBirmingham & Providence Property Mgmnt, LLC Hun... - Huntsville, AL
Madison & Huntsville Alabama Real Estate Resource

George, yes I think it's been time for a while now and as you say we have no idea how much longer this will last.  I remember my dad buying a house some 45 years ago with a 4.0% rate...wow...and then the eighties hit with there high teens in my area of Chicago...spoiled???...yes!!

Sep 17, 2010 04:55 PM #17
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George Souto
George Souto NMLS #65149 FHA, CHFA, VA Mortgages - Middletown, CT
Your Connecticut Mortgage Expert

Nick I bought my house in 1981 and the rates were 15%.  They continued to go up, and they hit 19% before they finally started to come down again.  I never thought that we would ever see the rates this low, and if you look at my blog today, they have continued to drop.

Sep 18, 2010 11:55 AM #18
Rainmaker
931,156
Ann Hayden 636-399-7544
Berkshire Hathaway HomeServices Select Properties-St. Louis Missouri - Chesterfield, MO
SelectAnn.com

George,

Rates are going to creep up...they have to.

Ann Hayden in Wildwood, MO

Sep 22, 2010 04:20 PM #19
Rainmaker
325,871
Esko Kiuru
Bethesda, MD

George,

These low rates have kept the hosing market in some shape, but barely. Look out if they start rising.

Sep 26, 2010 04:15 PM #20
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