What is going on with interest rates? Below is a chart of mortgage rates from April 1st, 2010 through today. They are going up and quick!
Let us take a second to understand how rates fell to historic lows to begin with. Our country was minutes away from a financial disaster one hundred times more powerful then the Great Depression. The global economy was on the brink of a collapse and one we would have never recovered from.
I know times are still rough however, as a nation, we have distanced ourselves from this disaster and the economy seems poised for growth in 2011.
Greg McBride, chief economist for Bankrate.com, was quoted “I don’t think we’re going back to a 50 year low anytime soon without an economic collapse,” he said. “Rates will probably never revisit those levels”.
If you're thinking about buying or refinancing you should do it and do it quick! Due to the increase in the interest rate since November 22 on a $150k mortgage the monthly payment has increased by $150!
I'm here and happy to help you with your real estate needs! Referrals are wanted, needed and appreciated!