Freddie Mac Thinks Mortgage Rates to Remain Steady For 2007
If you are looking for a big change in interest rates before you buy or refinance your home, Freddie Mac thinks you may be spomming you wheels. they just released a report forcasting very little change in mortgage rates for 2007.
So if you are looking to buy, make sure you have a grip on your local market, and then start looking. I would not let the mortgage rates influence my buying decision in terms of waiting for better rates.
“Throughout the year we expect rates on 30-year mortgages to average between 6.3 and 6.5 percent,” said Freddie Mac (NYSE: FRE) chief economist Frank Nothaft. “The flat or increasing rate environment will likely cause the refinance share to contract gradually. In addition, the dollar volume of home equity cashed-out will also retreat from the record level of $314 billion set in 2006 to around $230 billion this year.”
The housing industry is banking on steady interest rates to help bolster housing sales. via Baltimore Business Journal:.
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Comment by Derek Guyer on 9 February 2007:
I’m glad to hear others are thinking this as well…especially the experts. This is the time to be buying while values are down, while interest rates are still low, and since the “bubble has burst”.
I asked my mentor about the interest rates going up and whether he feared the challenges that come with it, since he’s been selling real estate since dinosaurs roamed the earth, and he said “no, it just means more seller financing”. I hope interest rates don’t go up, but am thankful that there will and are other options so that we’re not dependent on any of them.
Comment by W. D. Hoffmann on 2 April 2007:
Present Freddie Mac 15 and 30 year rates up front, for quick reference.
Thanks