Interest Rates Flat
Posted Jan 9, 2007 @ 5:49 pm, Viewed by 405 Visitors, Read 405 Times.Freddie Mac's Primary Mortgage Market Survey showed the
30-year fixed-rate mortgage (FRM) averaging 6.18 percent with an
average 0.4 point for the week ending January 4, 2007, unchanged from last week when it averaged 6.18 percent. Last year at this time, the 30-year FRM averaged 6.21 percent.
Just over 6% are still very nice interest rates and should be attractive to buyers, regardless of the unbelievable low interest rates of years past. Anything under 7% in my opinion will generate steady sales and entice new buyers in to the market.
When considering mortgages, make sure you compare apples to apples and oranges to oranges. Points, fee's, closing costs, etc. vary widely from lender to lender.
To get a quote from National lenders with local offices, you may look here for a free no obligation quote.
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As I posted here at http://www.memphis-realestate.net/blog/ I feel in the Memphis area, that we will maintain around 95-97% of the sales of 2006. I do feel there is a slight overage of new homes inventory in Memphis and other areas around the country. This should take until June or July to level back off.
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Ed Pierce: Full time Realtor and Default Services Manager for six affiliate offices in the Greater Memphis area. Real estate is more than a business, it is a hobby and passion for me. Read More
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How strong do you feel sales will be in 2007?