Well here we are at the end of another year, 2007. It seems just like yesterday that we were all optimistic about this year and it's over already!How time flys when you are in the middle of the most challenging year of your career!
Rates are virtually the same at the end of this year as they were at the beginning, 6.125% for a 30 year fixed. We saw a high of 6.625% and a low of 5.75%. If you were tracking rates and trying to time the market this year it was tough.
Most of the activity this year was buyers purchasing their first investment property and first time homebuyers, albeit little activity compared to years past. Those savvy enough to go out and find an investment property and those first time hombuyers with time to cull the enormous amount of inventory really made out.
As far as refinance activity, we saw most home owners refinancing out of an ARM and into a fixed rate product.
Next year looks to be shaping up as this year ended up. Forclosures on the rise and rates steady. Once again, those willing to put in the time and money can find great rental properties with no shortage of renters available.
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