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Mortgage Interest Rates are Moving

By
Industry Observer with No Longer Processing Mortgages. MLO #293441 expired

Mortgage interest rates are moving again.  For those who are familiar with mortgage interest rates, you know that they are constantly in flux.  Many times, especially on volatile days it might be moving up or down every couple of minutes.  At other times, it may be basically stable all day long.

Although the Federal Reserve has signalled their plan to keep interest rates low for the foreseeable future, those rates are the ones the banks use to borrow money from each other on the short term.  In the last couple of days, as the stock market is beginning to gain some of the ground it lost earlier this year, the mortgage interest rate has become more flexible again.  Unfortunately, it has been flexing a bit in the upward direction.  It has not moved a great deal yet, but if these conditions continue to hold, it will be closing in on 5.0% before the holidays are over (IMO). 

If you have clients who are thinking of buying -- now is the time, before the rates get up much more.

Posted by

 

Steven CookSteven T Cook
Loan Officer, MLO-293441      

Cascade Pacific Home Loans  NMLS ID 76988
720 S 333rd St  Federal Way  WA  98003
Office 253-874-1111 | Cell 253-677-1064
Toll Free 1-800-874-8760 | fax 253-295-3901
scook@cphloans.com | www.bayeq.com

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Comments(2)

Ron Marshall
Marshall Enterprises - Saint Michael, MN
Birdhouse Builder Extraordinaire

Every time it climbs up means someone might lose the home of their dreams.  Let's hope for some stability for a while. 

Oct 05, 2011 03:27 PM
Steven Cook
No Longer Processing Mortgages. - Tacoma, WA

Agreed - that is why we need to help these people realize they can't keep putting it off.

Oct 06, 2011 06:13 AM