Are Inland Empire Home Loan Rates Increasing?
After more than 8 days of negative or no movement by mortgage backed securities, Inland Empire home buyers may have gotten a reprieve from the sliding away interest rates. This morning, MBS opened with some positive movement.
At the end of another volatile day yesterday, mortgage rates finished at levels close to April 2010. Home loan rates are around 5% now.
Economic signals indicate the recovery is gaining momentum. New claims for jobless benefits came in this week at the lowest levels in three years with the unemployment rate falling a full point over the past two months. Americans are also spending more and saving less, indicating a stronger confidence in the economy.
The exception is a slumping housing market, with foreclosures still on the rise along with a growing shadow inventory; home values are still being held down. Last years home sales numbers were the worst in more than a decade.
Even though the refinance market has come to a screaming halt, the good news is qualified home buyers are getting deals of a lifetime. Even though the increase in interest rates are decreasing the buying power, experts still consider today’s rates exceptionally low.
With the home buying season rapidly approaching, increasing interest rates could scare off some buyers. However for those who feel secure about their jobs, there is no better time to be looking for a home. If you have any questions about mortgage rates or qualifying for a home of your dreams, please contact me for details.
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February 11, 2011 by Mark Estermyer · Leave a Comment
Mark Estermyer is a Senior Loan Officer with over 14 years experience in the mortgage lending industry. Mark's team works for RPM Mortgage, a private mortgage banker. At RPM Mortgage, we offer FHA, VA, all conforming and non-conforming loans. However our specialty are the Jumbo and High-Balance Conforming Loans. Mark can be reached at (909) 863-0000 or by email marke@pchfund.com.
