How many of you know exactly what Home Mortgage rates are doing right now and where the experts think they are heading? If you are planning on refinancing, selling a home or buying a home, this is one VERY important piece of information that you should get daily updates on.
Who has time for that you may ask? Norm Miron, with our local Wells Fargo office makes it VERY easy! Simply go to his website, click on the “Interest Rate Alerts” and sign up. It’s free & simple and every day about 1pm you will get an email with what the rates are for that day.
For me, as a real estate professional in the Chester County/Downingtown Area, I find it extremely helpful and interesting. I can tell you that rates have been pretty volatile as of late. In fact a few weeks ago we saw the 30 yr conventional rate go from 4.875% to almost 6% in one day. Now that has come back down and as of late they are at about 5.5%. But, I never know what my daily alert email will bring.
When rates jumped for a week or two, I heard a lot of fear from buyers I was currently working with. I shared with them a little perspective that even 6.5% is historically low. Take a look at the graph below. Over the last 17 years, mortgage rates have averaged more around the 7% – 7.5% mark, so even 6.5% is still a point below the average. And when you look at the rates from a longer perspective, the lowest they have been in the last 50 years is about 4.85%. So if rates are historically low, where are they most likely to go in the future? That’s right UP. Take advantage while the getting is good.
I have also included a table that shows what the experts think the rates will do in the next 30 and 90 days. Most thing in the short term they will drop again, slightly. But then over 90 days, it’s a tie between drop or rise slightly. I always tell home buyer clients – when you try to “time” the market, you almost always loose.
If you are considering selling your current home and/or buying, feel free to contact me, Chris LaGarde, for a pressure free consultation. I would love to help bring clarity to your real estate decisions.
Mortgage rates over the last 17 years
Image may be NSFW.
Clik here to view.
Reproduced with the permission of Mortgage-X.com
| Over the next 30 days: | Over the next 90 days: |
| rates will rise significantly: 0.0% | rates will rise significantly: 0.0% |
| rates will rise slightly: 30.4% | rates will rise slightly: 34.8% |
| rates will remain unchanged: 17.4% | rates will remain unchanged: 21.7% |
| Image may be NSFW. Clik here to view.  rates will decline slightly: 47.8% |
Image may be NSFW. Clik here to view. rates will decline slightly: 34.8% |
| rates will decline significantly: 4.3% | rates will decline significantly: 8.7% |
