Another post from Eric McMillan about interest rates and the mortgage market:
Well, it’s been quite a roller coaster for the economy over the past two weeks, in large part due to the economic bailout plan still hanging over everyone’s head. The mortgage market is no different. Mortgage rates are influenced by Mortgage Backed Securities and the Bond market. Right now, neither the Stock Market nor Bond market is flourishing due to the uncertainty. That being said, rates are holding pretty steady and are still near historical lows. A 30 year fixed Conventional mortgage is at 6.125% with no points. As for FHA/VA, current rates are just a bit higher at 6.25% on a 30 year fixed.
One key thing to remember about mortgage rates: just like the stock market, the Bond market is VERY volatile right now and rates can change daily, sometimes even several times in one day. Make sure you are dealing with a Mortgage Professional who tracks rates daily and has the resources at their disposal to act quickly and lock in your rate before rates change for the worse. If you have any questions, please feel free to contact me @ 317-657-8242.
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Date: 2008-09-29 06:01:10Views: 1451
Emily in Austin
The tumultuous economy definitely is making things unpredictable right now, particularly in the mortgage market. But really low mortgage rates, even if they come and go, are a great way to attract new homebuyers.