Mortgage Rates - Crazyness overseas may make it crazy for us!

Reblogger
Real Estate Agent with Realty One Group

This is getting crazy. Pretty soon banks will be paying you to borrow money to buy a house. Aside from those of us living in houses that are upside down (and I know that's a lot of us), with prices where they are and rates where they are, it's truly a great time to buy a home.

Original content by Mark Taylor Mortgages 207897nmls# DOC#207897

What’s Ahead For Mortgage Rates This Week : August 22, 2011

Eurozone concerns aid mortgage ratesMortgage markets improved again last week, pushing rates on Arizona Mortgages to an all-time low; lower than the lows set last November, even.

Last week’s low mortgage rate drivers are primarily European. Joining the debt concerns that have dogged Europe since March, a fresh wave of doubt has surfaced about the health of some Eurozone banks. The fears sparked a new wave of safe haven buying.

Global equities were socked last week and the Dow Jones Industrial Average fell for the 4th straight week. For home buyers in Phoenix , though, the timing may be perfect. As stock markets lose, bond markets gain and when bond markets gain, mortgage rates drop.

According to government-group Freddie Mac’s weekly mortgage rate survey, the average 30-year fixed rate mortgage fell to 4.17% last week with 0.7 points. This is the lowest rate-and-points combination in history.

The 5-year ARM fell to 3.08 with 0.5 points.

As mortgage rates fall, though, be wary of trying to “time the market”. It’s impossible to know when rates have bottomed and mortgage rates tend to spike without notice. That’s what happened in May 2010. And then again in November 2010. And then a third time in April 2011.

When rates rise, they could tack on 0.500% or more overnight.

This week, there is a lot that can move mortgage rates. With housing data set for Tuesday release, the Eurozone stories still unfolding, and three Treasury auctions planned, it’s best to be ready for locking.

If you’re floating a mortgage rate or still shopping, consider locking your rate as soon as possible. Rates trended higher to close out last week and will be riding that momentum forward. Rates are lower than they’ve been in history.

Take advantage of it.


This Active Rain post is by Mark Taylor, to get your free approval please call 602-361-0707. Please click on the links below to view my AWESOME websites!

Mark Taylor | Arizona Home Loans | Blarming | Will You Listen to Me | Arizona Short Sales | Arizona Foreclosures | Arizona FHA Loans | Arizona USDA Loans | Arizona HUD Homes | Ariona VA Loans | Fix My Broken Credit | Arizona Mortgage | AZ Short Sale Help


Posted by

 

$AVE THOUSAND$ with my Buyers' Advantage program, there's nothing else like it in the industry.

 

     Tony Moon

Logo block

www.tonymoonrealestate.com

Phone: 602.388.1931

email: tonymoon@cox.net

Tony is a full-time Realtor in Glendale, Arizona and is an exclusive buyer’s representative. He serves primarily the northern Metro Phoenix area. Tony got his start in the industry working as a messenger for a land developer in the 70’s while a student in southern California. Since then he has amassed a great deal of knowledge about the profession having worked in sales on both the commercial and residential sides of the business. Tony has also studied the industry from an academic perspective for use in his other job as a professor of management at a local university.

Tony holds a BA from the University of California, Irvine and a Masters degree from Arizona State University. He lives in Phoenix with his wife of 29 years and four children. He enjoys boating, reading, and travel. He and his family are also active in their church.

Comments (0)