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According to data from the National Association of Realtors, sales of existing homes moved forward in 2011. This is a positive sign and one that often parallels the overall trajectory of the economic recovery in the United States. The Consumer Sentiment index recently posted a rise and long term mortgage interest rates have been maintaining lower levels. Freddie mac is reporting a recent drop of 30 and 15 year long term interest rates. Rates are staying lower at this point even as the economy appears to be making gains. As the market, and overall economy tick forward, rates often go up. This dynamic is creating a bit of urgency as potential home buyers review the lower long term interest rates all while knowing that signs are pointing towards an economic recovery that will ultimately push rates higher. Fence sitters are beginning to jump into the home buying market. Freddie mac recently reported that the interest rate on the 30 year fixed rate mortgage is 4.95 percent. The posted interest rate on the 15 year fixed rate mortgage is 4.22 percent according to stats posted via Freddie Mac. It is noteworthy to remark on the price of oil. It is ticking higher and as it does, inflation potentials are possible. This action would cause interest rates to bump higher in the near future. Author: Stephen Johnson
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