From a lender friend: If you have buyers that are still pondering to purchase or not this might help. (read below) I know there are some that are trying but the multiple offer situation is not helping! Rates have moved considerably since the first week of May. There is a chance that we will recover some of what was lost thus the rate coming back down (some). But it does not appear that we will recoup all and rates be back to where they were the end of April first of May. Thus a need for those to make the move now and not wait until later. We have seen the statistics on what has happened with sale prices. I don’t think those will be going down! Please remember me with your next buyer and/or seller. VERY LOW - The average interest rate nationwide on a 30-year fixed rate mortgage was 3.81% last Thursday (5/30/13), ½ of 1% higher than its all-time low (3.31%, 11/22/12). From January 1978 to September 1991, the average interest rate nationwide on a 30-year fixed rate mortgage never got below 9% (source: Freddie Mac). FROM VOLCKER TO BERNANKE - The target range for the short-term fed funds rate is between 0% and 0.25% today. The range was between 19% and 20% in January 1981 (source: Federal Reserve). Sincerely, LuCinda Bachman Mortgage Banker w)512.583.0985 c)512.415.4682 8300 N. Mopac #120 Austin, Tx 78759 NMLS #233809
Posted on: Fri, 07 Jun 2013 17:03:20 +0000
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