What a weekend of news. I am amazed at the devastation in Japan that occurred last Friday. The pictures are heartbreaking. I am sure the situation in Japan is just as difficult for you to watch as it is for me. This natural disaster along with the continued trouble in the middle east has caused our markets to take a pause.
Mortgage rates are often a beneficiary of instability and times of uncertainty. With these latest events mortgage rates have improved and have moved back to the levels we were seeing late last year. Though the reason rates are lower is sad it does provide an opportunity for home owners and buyers to take advantage of what may be the last chance to lock in really low rates.
My concern with many consumers is that there is often a sense that things will stay the way they are for a while. Rates were on the rise earlier this year and I expect they will rise again throughout the year as other economic trends become more obvious. So my advice now is for home owners (and buyers) to lock in their interest rate (if possible) and take advantage of this current situation as it will soon be resolved and once it has rates will likely be back on the rise.
With both Japan and the middle east we will likely see economic events that will ultimately have a negative affect on mortgage rates result so now really is the time.
No comments:
Post a Comment