This entry was posted on Saturday, July 28th, 2007 at 8:15 am and is filed under Financing, Market News. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.
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July 28, 2007
Home mortgage rates dropped across the board, with thirty year fixed rate mortgages going from an average 6.73 to 6.69%. When compared to a year ago, mortgage rates are still significantly higher, and given the current instability of the market, it seems unlikely that they will be falling much further.
With that in mind, and with an increasing number of mortgage companies leaving the business, now seems to be the best time to grab a mortgage before rates jump again.
read comments (2)
August 2nd, 2007 at 7:51 am
Do you feel refi’s will push rates up or down are more arm’s begin resetting later this year?
August 3rd, 2007 at 8:22 am
Rates appear to be heading up for now. For that reason, I’d advise most people to avoid short term ARMs, unless they are 110% certain they’ll be moving long before the rate starts to adjust. If your ARM is already adjusting, you should definitely consider locking in a 15 or 30 year rate.