Mortgage Rate Update – Week of September 15, 2008
posted in Mortgages, Smyrna Vinings Real Estate |If you're new here, you may want to subscribe to our eNews and Update Alert feed. Thanks for visiting!
Smyrna Vinings Mortgage Rate Update
The week in review:
The bigger they are, the harder they fall. I’m not sure who coined the expression but it’s proven true the last couple weeks. Last week, it was a takeover of Fannie Mae and Freddie Mac. This week we have the bankruptcy of Lehman Brothers, the acquisition of Merrill Lynch by Bank of America and insurance giant, AIG, trying to raise capital quickly to stay afloat. That’s a bunch of news.
What to expect:
So what do these headlines mean for home loan rates and our housing market? Well, look for rates to be at the best levels they have been in quite a while. Couple that with the best home prices we have seen in a long time. I see many people who have been on the sidelines starting to aggressively search for property.
This week we have some reports on inflation and the Fed meeting on Tuesday. It should be an interesting week. The stock market will not like the recent news from the financial sector and will start the week down which will immediately help the bond market and home loan rates.
Breg-ometer:
Next 7 days: All smiles
Next 30 days: Neutral
Next 90 days: Neutral
Sample 30 year fixed rate: 5.50% (5.684% APR)
$250,000 purchase, 20% down, 740+ score, full documentation
Technorati Tags: Smyrna Mortgages, Vinings Mortgages, Atlanta Mortgages
Loading ...
