Posts Tagged ‘Interest rate’

This week mortgage rates have risen .25% – .375% in rate.  This is largely due to an improving economy.  If Wall Street is happy with the economy then rates rise.  Retail sales have grown and a majority of the retail sectors are showing signs of growth.

The sad part of this news is that rates have risen just before HARP 2.0 takes effect.  This program is going to allow underwater homeowners who have been making their payments the opportunity to refinance into a lower interest rate regardless of the appraised value.

If you are in the market to purchase, now is the time to buy. You will be able to afford a much larger house at a lower interest rate.  If you are planning on using HARP 2.0, you need to act now.  As mentioned in previous blog posts, higher demand means higher rates.  You need to get your paperwork in place so when HARP 2.0 is released, you will be ready..  Call for a free quote or complete an online preapproval at www.chuckwalden.com .

About the Author:  Chuck Walden (NMLS #148160) is a loan officer with Prospect Mortgage.  Email Chuck at chuck.walden@prospectmtg.com or call 678-725-8076. Website is www.ChuckWalden.com

Interest Rates

Interest Rates (Photo credit: 401K)

 

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Is now a scary time to sell your home? (Excuse the pun and Happy Halloween).  No it’s not and let me tell you why.  Now is the time that you will get the most face time with potential buyers.  I held 18 open houses during the month of October and the number of open house attendees has dramatically improved over this time last year.  Also, as you know, the number of potential buyers searching for homes online is increasing every day.  What if we were in an increasing interest rate environment?  Would fewer people qualify?  Would more people be looking to buy before rates get too high?  We are….yes….and YES.   Due to the daily changing environment of the mortgage world, now is the best time to sell.  With increasing interest rates, fewer people qualify and the ones that can afford it may get “scared” away with a much higher payment.

It’s almost impossible to time the market.  All you can do is deal with the facts.  Whether you are looking to buy or sell, I would say that now is the time.  There are too many market indicators pointing us in that direction.