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Additional Details
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Additional Details
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allen c | Mortgage rates where are they going? |
what do you think about the mortgage rates in the next 2 months, will it go up or it will continue to sink?
i'm planning to buy a house but im thinking twice since i know that the fed might cut the rates, so this will have a big effect on the monthly payment
Additional Details
it went up last week, however it fell by a lot today, its now at 6.03 for a 30yr fixed.. its about 0.40% down |
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mrdivots
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they are going to change, it is the direction that no one knows.
If you are satisfied with the payment, you are just gambling by waiting.
Good luck. |
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cheeba0228
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To actually know whats going on with rates you have to be able to see what happening on the 6% MBS (Mortgage backed Security) It closely mirrors the 10YR Tbill but not always. Today was an anomoly. Your major investors in the industry stated that they needed a higher yield on the bonds so they skyrocketed today. Almost 1%!!! Dont believe what you read on Bankrate, CNNmoney, or Smartmoney.com as they are typically reporting from the end of 1 week till the end of next. They hardly ever tell you whats happening today.
people please stop looking at what the FED is going to do they DO NOT CONTROL PRIMARY MORTGAGE RATES!!!
But the real question should be are house prices going to continue to go down in your area. You can always refi the house when rates go back down, but you can NEVER renegotiate the price your paying on the home. |
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Stanley
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Cheeba is right. the Fed does not control mortgage rates, they control the Fed funds rate, the rate banks borrow from the Fed at. Mortgage rates are based on the supply and demand for Mortgage backed securities. Currently the risks of default in this market is high so investors are looking for higher rates.
Mortgage rates have actually begun climbing as the Fed has been lowering the Fed funds rate.
I also agree that prices will contine to fall in overpriced markets; so if prices "shot up" where you lived in the last few years, they will likely fall futher. If you don't plan on staying in your new home for at least 10 years, you should be prepared for this. |
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bud68
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Right now they are going higher despite fed cuts. Mortgage rates are NOT tied to fed rates - actually the 10-year treasury bond is a better barometer. |
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bigships
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Mortgage rates are tied closely to the Tbill. If they go up, mortgage rates usually go down. if they go down, mortgage rates normally go up. So when prime rates get cut people pull out of bonds and causes the mortgage rates to have the opposite effect and they go up. Eventually, they go down and seem to settle in a bit after the shock of a rate change, but not as immediate as the news says.
With that said, rates will go up a bit over the next few days, maybe a week, but will settle down a bit as the bond market adjusts. Always hard to predict, but chances are rates will get better in the next week or so.
Hope this helps! |
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Deana
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I agree with fabled.... If your or anyone else that is reading this are planning to buy a house or refinance your current one. Do it NOW because the rates will not get much lower to a point where its going to make a big difference. If the fed cuts the prime rate again, it will drive your 30yr fixed up not down. It usually has an opposite effect.
Right now you could be flirting with disaster. So, I say go for it and make sure you lock your rate as well. The market is way too unstable right now. |
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frak1a12345
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The Federal Reserve Board is making noises like they will lower rates which should put downward pressure on all interest rates--but it is politics and anything can happen so polish your crystal ball and take a look! |
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Debbie V
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they have already going up. |
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fabled.life
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At the moment the US is experiencing a period of stagflation. That is a period where inflation is increasing while the economy as a whole is still experiencing a period of recession. To spur the economy the Fed has been aggressively reducing rates in order to encourage economic growth and investment. However, the fed can only do this for so long before it has no option but to increase rates. Many hold the opinion that the Fed has backed itself into a corner where it has rising inflation on one hand, and a slowing economy on the other hand.
My opinion is that they may continue to cut rates slightly to spur the economy in the very short term, however rates should increase significantly in the mid to long term.
I would recommend buying the house now, rates are as good as they'll get and any further cuts will be relatively small. |
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