Thought I would share this article with you all. Many buyers have been sitting on the sidelines hoping the price of their favorite home will drop before they make an offer. In the mean time, interest rates are volatile and on the rise, pushing many qualified buyers into lower and lower purchase price levels. The reality is, the effect of a 1 point rise in the mortgage rates will more negatively effect your future monthly mortgage payment than will paying a little too much for your dream home. It may actually knock you out of the buying arena completely without you even realizing it.
With sellers' motivation at an all time high and winter right around the corner, the best strategy is to get pre-approved, or better yet pre-qualified, with your favorite lender and start actively looking for the perfect home for you. Once you find it, don't sit on the sidelines. Double check with your lender to be sure of the amount you still qualify to borrow( it could be changing every week or by the day!!) , and make an offer based on a sound evaluation of the market. You will be surprised at the amount a motivated seller will agree to sell for even they have have been reluctant to lower their asking price.
Mortgage Rates on Roller coaster Ride; Rise Again after Coming Down in Late October
Posted By Paige On November 4, 2008 @ 4:31 pm In Finance and Economy Comments Disabled
RISMEDIA, Nov. 5, 2008-Mortgage rates rose last week, with rates for 30-year fixed mortgages increasing to 6.26%, up from 6.00% the week prior, according to the Zillow Mortgage Rate Monitor, compiled by leading real estate website Zillow.com(R). Rates for 15-year fixed mortgages rose to 6.01%, up from 5.64% and 5-1 adjustable rate mortgages rose to 5.81% from 5.64%.
Rates for 30-year fixed mortgages appeared to be up slightly on Monday evening with the average rate on Zillow Mortgage Marketplace at 6.33%.
At a state level, the 30-year fixed mortgage rate in Michigan saw the biggest increase, rising from 6.03% to 6.48%. Rates on 30-year fixed mortgages were lowest in the states of Oregon (6.12%) and Georgia (6.14%), while Michigan (6.48%) and Massachusetts (6.40%) had the highest rates.
The Zillow Mortgage Rate Monitor is compiled each week using thousands of mortgage rates quoted on Zillow Mortgage Marketplace (http://www.zillow.com/mortgage) by mortgage lenders to borrowers who have submitted loan requests. State-level data is gathered for the top 20 states with the highest quote volume on Zillow.
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