The Daily Real Estate news is reporting that interest climbed to an 8-month high. What does that mean to you? It means that if you have been sitting on the fence, considering buying a home but have not made the move, the time is now. When interest rates go up it can really affect your monthly mortgage payment. Stop waiting for interest rates to go any higher.
In San Diego East County we are seeing signs that the market is turning around. The number of pending sales are up, time on the market is down and we are seeing multiple offer situations. If you are considering buying your first home or moving up to larger home, don't wait! Call me today so we can start the process.
Daily Real Estate News | June 13, 2008
Speculation that the central bank could reverse its rate-cutting campaign later this year as a way to keep inflation in check drove up mortgage borrowing costs during the past week, according to Freddie Mac.
Interest on 30-year loans settled at 6.32 percent in the latest survey, climbing from 6.09 percent the previous week to the highest level seen in eight months.
Meanwhile, rates on 15-year fixed loans moved up to 5.93 percent from 5.65 percent for the week; while one-year adjustable-rate mortgages drifted up to 5.09 percent from 5.06 percent. Five-year ARMs floated up to 5.70 percent from 5.51 percent.
Source: Philadelphia Inquirer (06/13/08)
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