Arizona Mortgage Rates for December 12 2008
Mortgage Related News This Week
The general trend for rates this week seemed to be “lower”. Rates have trended lower and in general I don’t expect them to jump dramatically in the coming weeks. They may go up a little, but my official prediction is that they will be flat to down for the near-term.
There are a number of proposals being presented in Washington to assist the homeowners who are currently owe more than their home is worth. One plan that was floated as a possibility was where it may be possible to refinance in the future without an appraisal.
The Mortgage Bankers Association reported last week that that 10 percent of mortgage holders are either in foreclosure or at least a month late on payments — and with a number like that, look for some kind of plan to come out of Washington in some form aimed at helping individual homeowners improve their mortgage situation.
But for now… it is all rumors, speculation and proposals. We will be sure to keep you posted should anything change!
{ 3 comments }
Thanks for posting this Steve, I watch you blog daily and really appreciate the updates. Lower rates will really effect my business and our investors when thy buy cash flow properties from us dramatically.
Thanks
Sean
Thank you for the insight on rates. I have heard we are at 40-year lows and some lenders are quoting in the high 4’s right now. Buyers and investors should be taking full advantage of what is going on right now, even during the busy holiday season.
@Sean, @Matthew,
Thanks for stopping by and commenting!
One thing to remember — these rates that are posted are just a quick snapshot of a moment in time. We currently are seeing multiple rate changes each day - I would say on average at least one, so even if we post rates in the am, they may be different by the afternoon. So if anyone is in the loan process, make sure they really keep an eye on the market until your rate is locked!
Justin
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