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Mortgage Rates Back Below 4 Pct Are You On The Fence
I know that I have been speaking about the mortgage rates for over 6 months now and I was directing my posts to my clients who were upset that they missed the low of the mortgage market. About 1 1/2 years ago the mortgage rates were in the low 3.00's , these clients wanted to kick themselves for not getting the house they wanted, and were waiting for the rates to go further down. As it got close to 5% they thought for sure they would never see the rates go below 4% again.
Rates did go down below 4% and for the past 6 months they have been between approx. 3.5% and 3.875%. Last week the interest had one of the largest spikes in the past 2 years when it went up .25% and over that 4% mark, it did recover and it is back under 4% at 3.95%.
The Fed is raising the rates, when and by how much we all need a wheel of fortune to know. Are you still on the fence about buying a house because of the interest rates? You do understand watching house prices go up and down does not mean anything compared to the interest rates.
Here is the take on the mortgage market from people who work the mortgage market 24X7'
"Rates have been on an unfriendly rise for the better part of 2 months. Last Friday was the fastest rise in over a year and a half. Today’s pause could be a head fake on the way to still higher rates. Rates are still very low from a historical standpoint, but are certainly higher than mid Jan lows. Locking is a safe move since a further rise is as likely as a fall in rates. " -Michael Owens, Vice President of Mortgage Lending,
"Barring another financial and housing market implosion, and if the economy continues to improve, expect interest rates to rise in the latter half of 2015. If they do jump to the 5% range it will be a modest hike when compared to historical averages. Rates will still be far below the approximately 8.5% 30-year fixed-rates mortgages have averaged since 1971 when Freddie Mac started tracking them. Rates averaged 6% in the years leading up to the recession." INVESTOPEDIA.COM
Like the stock market the mortgage rates cannot be timed, you have to pick a spot to get in and rest with your decision. This comes from doing your research and doing your best to understand and appreciate it is not so much to time the going up or down but is the interest right for you? Is it low enough to enable you to buy the house you want? Is the house you want realistic given your financial status? Does the rent you are paying make sense? Can you make the same payments or even lower your payments by buying a house?
On the fence talk to me I can help you through that fog called "home buying"
California Broker Lic #01813025
West LA Real Estate Group / Rodeo Realty
11940San Vicente Blvd Suite #100
Los Angeles, CA 90049
Serving all of Santa Monica, Brentwood CA,
Pacific Palisades and West Los Angeles
DBA "West Los Angeles Real Estate Group" ....