Demand For Mortgages – 15 Year All Time Low

Posted by kirk on Sep 2, 2011 in Mortgages | 0 comments

Apparently things aren’t picking up like they should be right now. The other day when I went into the mortgage broker and they were busy, well apparently that was just a fluke, because mortgage brokers aren’t busy. This may just be heresay, but I was told that demand for a mortgage is at It’s lowest point in 15 years.

What is going on?

A factor of things are going on, but I would think that all of those factors would point to people buying homes. From where I look at it, I’m more home buying hungry right now than just about ever. Rent costs more than a mortgage in 75% of the united states (so why are people still renting), interest rates are at their lowest point that they’ve… EVER been in (since they started tracking the mortgage rates). And then what about home prices? They’re at the same prices that they were in 2003.

Here are my thoughts – buy now, or within the next year or two. The fed has gone forward and said that rates are going to hold for the next two years. So that means one thing is for sure, interest rates are going to be good. But that doesn’t guarantee that home prices will stay low… but given the demand for mortgages it doesn’t look like people are buying – that means that prices will continue to drop until people are.

Here are my final thoughts, things are volatile. As soon as housing starts to pick up, everybody is going to get on the bandwagon. The nation is in a sleeping status right now, but as soon as the sleeping giant wakes up, queue the bidding wars, inflation, and hire prices on everything. If you wait to years to buy, you will be caught up in the middle of it.

ksl.com – Rate on 30-year mortgage falls to lowest on record

Posted by kirk on Aug 18, 2011 in Mortgages | 0 comments

Seriously, mortgage rates are unbelievable right now! Get me into a house!!!!!!

Quoting from www.KSL.com:

“The average rate on a 30-year fixed mortgage has fallen to its lowest level on records dating to 1971.

The rate on the most popular mortgage dipped to 4.15 percent from 4.32 percent a week ago, Freddie Mac said Thursday. Its previous low of 4.17 percent was reached in November.”

I’m saving for a down payment right now, but this is the best news ever.  People speculate that this rate will be retained for about 6 – 9 months to help stimulate a lot of flow.  I don’t know who those people are that make those speculations, it’s just hear say.  But let’s pray that it does hold so that I can get these awesome rates.  Or heck, it could drop even lower – we’ll see.

ksl.com – Rate on 30-year mortgage falls to lowest on record.