Current Mortgage Interest Rates
Below are economic indicators that are affecting current mortgage interest rates.
Nationally, housing starts came in lower than expected and banks are maintaining the current pace at which they put foreclosures on the market. Both of these have the effect of keeping inventories in line and home prices stable, thus affecting current mortgage interest rates.
The Consumer Price Index came in at an annual rate of 3.6% and , at its current pace, the Fed will run out of money to buy mortgages next March. Both of these have the effect of pushing current mortgage interest rates up.
What does this all mean? Housing prices will not go down and rates will most likely go up, by the end of March, 2010. Folks, this is not rocket science. Homebuyers take note: current mortgage interest rates are quite likely the best you will see for quite some time, if ever.
Yes unemployment is high, but it is a lagging indicator. It will continue to go up even as the economy improves, and won't come back down significantly until 2011. But if your buyers pay attention to the doom and gloom, they will miss out on the MOST affordable housing and best current mortgage interest rates homebuyers will see in their LIFETIME.
Opinions expressed here are the sole responsibility of the author, and do not necessarily reflect the view of Fairway Independent Mortgage.
Ruth Vogt, Sales Manager
#LMB100023827, NMLSR# 257576
Equal Housing Opportunity.
Regulated by the Division of Real Estate.