America's #1 Mortgage Rates Report: November 5, 2008

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Mortgage and Lending with San Diego VA Home Loans/858-777-9751

We have a new President and his name is Barack Obama. Is that good for mortgage rates?

I think either man being elected would have been good for mortgage rates provided the victory was decisive.  The Obama victory was clearly decisive and markets should reward that.  In anticipation of this decision, mortgage-backed securities rallied today bringing mortgage rates to the 6% level  I thought we might reach this week.

On Wednesday, conforming mortgage rates should be offered at 6% or below; take any rate under 6% if you’re closing in the next 45 days.  While the euphoria of an Obama victory may bring mortgage rates even lower, the risk of a quick reversal still exists.

Mortgage rates under 6% are about as good as it gets.

Originally posted on Mortgage Rates Report

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Ambassador
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Jeff Dowler, CRS
Solutions Real Estate - Carlsbad, CA
The Southern California Relocation Dude

Brian - I'm spreading the word to buyers who are thinking seriously. Have a good time at NAR.

Jeff

Nov 05, 2008 01:42 AM #1
Rainmaker
530,545
Chris Brown- Florida Home Loan Specialist | Certified Mortgage Planner
Chris Brown | Certified Mortgage Planners - Orlando, FL
Chris Brown 407.367.2974

i expected this outcome... he simply had too much wind at his back with all the news as of late...

 

 

Chris the implementer

 

p.s.  see you at bloodhound on Friday

Nov 05, 2008 03:34 AM #2
Rainmaker
57,311
Scott Barr
Pacific Sotheby's international Realty - Newport Beach, CA
Realtor

Brian, thanks for putting it into perspective. I hope rates go below 6% soon. I've got some listings that I need sold.

Nov 05, 2008 02:49 PM #3
Rainmaker
218,589
William Collins
ERA Queen City Realty - Scotch Plains, NJ
Property and Asset Management

Brian,

Thanks for the post. Let's hope the election momentum and the vote of confidence for Obama, finds its way to our markets. We can use that wind at our backs.

Nov 05, 2008 03:28 PM #4
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Brian Brady

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