March 5, 2008...3:24 pm
Mortgage Rates
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Mortgage rates for 30 year fixed are creeping up…still some nice ARM money out there…we had some folks that wanted a weekend place and were going to sell it in five years and were able to get a 7 year ARM at LESS than 5%…certainly increases your buying power if you want to stay within a certain monthly budget!
We have seen some changes around the lake…mortgage officers move like real estate agents do…not often but for good reasons… We keep tabs on “the good ones” and can put you in touch with them. One of the reasons we prefer to be in an office where we are not tied to a particular mortgage company or settlement company is indeed so we have the flexibility to follow the “good ones”…
2 Comments
March 6, 2008 at 2:49 am
Do you expect mortgage rates to decrease when the Fed cuts rates later this month?
March 6, 2008 at 2:17 pm
No, I actually think it will raise the cost of “long-term” money use…i.e. mortgages. The Fed is lowering the rate on “short-term” money…
As much as I would like to see the rates stabilize, the inevitable and repeating cycle is at work…
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