Mortgage Rate Update – Week of December 8, 2008
posted in Mortgages, Smyrna Vinings Real Estate |The week in review:
The home mortgage rate environment has stabilized after home loan rates tumbled to their yearly lows a couple weeks ago. However, change can happen quickly in our current market. Home loan rates were just slightly higher by the end of last week. The big headline news came from rumors that the US Treasury may have a plan to cause home loan rates to come down as low as 4.50%.
What to expect:
In my opinion, it was irresponsible to release such information without a definitive plan, no indication of who may qualify or what the restrictions may be. Over the past year, the government has created several “solutions” that sound great but help very few people.
Home loan rates are at historical lows. Should anyone postpone a purchase in anticipation of this event? I say no.
Breg-ometer:
Next 7 days: The markets are still volatile but don’t expect too much of a change
Next 30 days to 90 days: Depends on the level of governmental intervention
Courtesy of:
Bob Bregitzer
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