National Average 5.32% with 1% loan origination
Our rates 4.75% with 1% loan origination
5% 30 Year Fixed with NO broker points.
Rates did go up as I predicted yesterday but are sliding due to the stocks slipping this AM.
MARKET UPDATE:
If the stock market continues to increase we could see rates follow. We do have one thing to look out for tomorrow. July leading economic indicator will be out tomorrow. This usually is a measurement of how the next three to six months forecast for all the economy. If this indicator is poor we might see rates go down after the report is broadcasted. If it goes UP than most likely rates will follow. It has been a rollercoaster for us all when it comes to rate volatility. As we can see the stock market, Real Estate, Jobs have also been crazy swings. Don’t expect any changes anytime soon.
The real question a majority of my clients are asking is when is the bottom of the real estate going to happen. I tell them you should consider two things when deciding when the BEST time to buy. The two items to keep in mind is getting a good price on a home and securing a GREAT interest rate. When the real estate market does show a considerable upward trend then stocks will rally and the 30 year fixed rate will be in the low 6’s. It’s best not to wait to be a bottom feeder but strategically align yourself to get a GOOD rate and a GOOD deal on the purchase price.If you look at the long term interest you pay on a loan VS the cost of the home, you will start understand the value of getting both of the two factors RIGHT in your purchase.
MAKE SURE TO PICK THE RIGHT REALTOR AND LOAN OFFICER !
Keep this in mind and good luck buying you HOME!!!!!!!!!
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