Mortgage Rate Update – Week of February 9, 2009
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!
The week in review:
Don’t blink… The mortgage rate you’ve just been quoted could change. Home loan rates are experiencing large daily fluctuations right now. There are many factors pushing and pulling rates in different directions. While rates ended the week just slightly worse than they started, we are now at a one-month climb in rates that began January 9th.
What to expect:
Will an economic stimulus plan be passed this week? If it does, the market’s reaction to the plan will certainly set the tone for the week and maybe the weeks ahead. As we stated last week, the rate environment is quite volatile. Don’t wait around for the elusive 4.00% fixed rate. There are many reasons why those promises may not come to pass.
One item currently in the unfinished stimulus package is a $15,000 tax credit for homebuyers – and not just first-time buyers. We’ll provide more details if and when the credit makes its way into the final legislation.
Breg-ometer:
Next 7 days: Market waiting on a stimulus package; volatility expected
Next 30 to 90 days: Neutral until we find out how the market reacts to stimulus package
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