This week, for the third straight week in a row, interest rates have dropped.
Keep in mind that generally when you see headlines saying rates have dropped, the loan product is usually a 30 year, or 15 year fixed mortgage. This doesn't mean that rates are not lower across the board, but ARM rates generally do not make the headlines. When you see headlines like this, and you have a loan with a higher interest rate, or a short term (a 3 year ARM, or something like that), you may want to talk to a trusted mortgage professional and weigh your options.
It is also interesting to note that mortgage application volume compared to last year has increased. Additionally, the volume of mortgage applications for new purchases increased this week. This means that despite the drop in the real estate market, consumers are still looking to finance their property dreams.
Remember, when you have a mortgage, it pays to be prudent, and keep in tune with the mortgage market. If you are looking to become a property owner soon, be sure to check national websites, and know exactly what the average rates look like. That way, when you receive a rate quote, you will know if what you are being offered is in line with the marketplace.
*Each week, on Monday we will take a look at something interesting going on the real estate market. Questions about your market? Email keisha@propertymaven.com. Also, feel free to note any observations in your home market.
I am happy to hear interest rates are dropping as I am planning on buying a new home. I need a Mortgage Loan and wanted to know if there are any other loan companies to look into?
Hi, I don't make recommendations for vendors, but the best way to find a great loan professional is to ask a friend, or an associate for a referral.
Posted by: Bryan Davis | July 9, 2007 5:52 PM | Permalink to Comment