Mortgage Rates…Hitting the Bottom?

Each week, and sometimes more, we get updates from our Truckee real estate lenders commenting on mortgage rates. The following is an excerpt from a mortgage update we got from O’Dette Mortgage Group last week:

“We have been talking the past month about the “bottom” for mortgage rates, have been quite vocal that the 4% mortgage was a myth, and that I believe it prudent to consider this the bottom for mortgage rates. Although today was a relatively good day and we would love to see bond prices/mortgage rates return to all time low, I would not hold my breath for an immediate return to where pricing closed last week. I will be impressed if we see rates return to last week’s level in the near future.

Is there a silver lining? Perhaps. Rates going up will be plastered across the news, yet terms on a conforming 30 yr fix are still the best they have been in over 50 years. Might this inspire those sitting on the fence to take action capitalizing on this once in a lifetime combination of prices and mortgage rates? We hope so, and it’s, in part, our responsibility to help our clients see such opportunity. Also, the rate increase should slow down the refinance boom, allowing banks to catch up, improving turn times.”

If you are a buyer and you have been sitting on the fence “waiting” to buy your perfect piece of Truckee real estate now may be a good time to make a move!