Excerpt from: Flagstaff Mortgages
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| July 23, 2008 | | 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. | |
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