July 23, 2008

Mortgage Rates Continue to Rise

As we've been warning in this blog for several months, home loan rates under 6% are not coming back in the foreseeable future

Last week, the average home loan rate, nationally, was 6.7%. For jumbo loans, that average was 7.84%. This makes opportunities for sellers to offer to "buy-down" rate for buyers. But, if that's not available, it means the buyer is going to have higher monthly payments than the buyers who made the move to buy a home earlier this year.

Now is not the time to wait to buy -- rates are only going to continue in this direction because of inflation.

See today's story in the Wall Street Journal.


	Mortgage Rates Near Year-Long High
	Report by By Ruth Simon and James R. Hagerty in today's WALL STREET JOURNAL
	http://online.wsj.com/article/SB121677010658575383.html?mod=RealEstateMain_1

by Ann Heitland
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by Ann Heitland

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