Kiss good rates goodbye?

Well, it looks like we can kiss 4% rates goodbye, but great rates are still out there!  This week, rates rose to 5.02%.  It seems that most financial experts expect rates to stay between 5% and 6% for all of 2011.   Now, that does make a difference when buying a home.  The difference, when buying a home, between 4.25% and 5%, is about 9% in buying power.  So, if you are thinking of buying, you already know that the sooner, the better in regard to rates.

However, don’t let 6% scare you.  Only 15 years ago in January 1993, the average rate for a 30-year fixed mortgage was 8.12% and 20 years ago in January 1988, 10.55%. Even those rates seem low though when considering the average interest rate for a 30-year fixed mortgage in January 1983 came in at a whopping 13.40%.

So, rates are still great.  If you need recommendations on loan officers, plesae contact us.  We have trusted people we would love to tell you about.

-Betsy
Atkinson-Thompson Group

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