Will mortgage be dropping within the next couple weeks? - illinois mortgage rates
My husband and I are buying a first home today and, thanks to Wells Fargo in Illinois (where we live), with rates of 6.5%. A few days ago was 6.75%, but a week ago which was 6.125%. Returning to our house nearby on 26 November and was curious if there are financial smart people there who have more on this than me .. Should we now know, perhaps to block, or wait to close up? Thanks in advance! Amanda
Monday, January 18, 2010
Illinois Mortgage Rates Will Mortgage Be Dropping Within The Next Couple Weeks?
3 comments:
You asked a good question. Unfortunately, it is impossible to say.
There are to many conflicting forces, rising prices and forcing some from them.
For example, the weak housing market means less demand for money in mortgages. This should lead to lower rates.
Credit standards tightened. Technically, it should also stimulate demand downward. Moreover, the difference between loans better and slightly lower quality should increase.
The prime rate is down. There is no real connection between the prime and mortgage rates rise, but generally all costs and fall together ... Although some more than others.
But there is a credit crunch. Readers rate credit crisis in power.
Every time I've bought, I was struggling with the same question as you.
One possibility: Sometimes there are blocks that reduce the speed when the decline. They cost a little more, but it might work something like lock at 6.5% of the workforce. When prices fall, the so -Cked prices may decline, and to some degree, such as 6.25%. Ask the person at Wells Fargo, if they have something to offer.
Good luck.
Difficult decision, with the central banks would be the interest on the interest rates from most lenders to cut interest rates cut to ...
But that is not guaranteed, and it's only a game ... You can take the safest option and continue with their current salary or a chance on him and hope that the price decrease on the average duration
Difficult decision, with the central banks would be the interest on the interest rates from most lenders to cut interest rates cut to ...
But that is not guaranteed, and it's only a game ... You can take the safest option and continue with their current salary or a chance on him and hope that the price decrease on the average duration
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