Today’s Mortgage Market a full report courtesy of Robert Hatch from Tucson, Arizona
Today’s Mortgage Market
Robert E. Hatch
Pinnacle Mortgage
Vice President/Sr. Loan Advisor
(520) 349-8943
What a great time to buy a home in Tucson! Aside from our golf friendly weather, we are in a market that is tailored for a homebuyer. With a spectrum of properties available to choose from in a market that is one of the fastest growing areas in the nation, the confidence and experience of Don and Kathy Vallee to walk you through the process, and interest rates that continue to hover in the high 5’s and low 6’s; you’ve got a formula for success!
The mortgage market is fueled by many things, but primarily is determined by the activity of the 10 year bond. When comparing rates, a 30 year fixed mortgage will range from lender to lender, but expect to see as low as 5.75% with paying a point/origination fee, or 6.25% without paying any points/origination fees. If you are a stock watcher, you can expect our mortgage rates to change for the positive when the bond market adjusts 8 to 10 points higher, or vice verse if it were to move lower. The stock market, oil prices, foreign currency, employment numbers; these are just a few of the many things that support the value of the 10 year bond price that could effect your mortgage rate. Mortgage rates change daily, sometimes 2-3 times a day. Should you currently have a monthly adjustable loan (which you should most certainly consider refinancing to a fixed) or if you are actively searching for your next dream home and have been quoted a rate from your lender, this is the time to be aware of the market. Here is a great link that will allow you to view the activity of the 10 year bond, in real time, during your home buyer process that I use daily to advise my home buyers: http://money.cnn.com/markets/bondcenter.
I welcome you to visit this site, however, when buying a home you have many important things to focus your time and energy; family, business, finances… A professional, experienced, knowledgeable mortgage advisor should be walking you through this process, step by step. I would love to be that lender J
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