Today, the 30 year fixed rate stands at a nationwide average of 6.49%. Barry Habib, the economist often heard on CNBC predicted that the rate would "dance" between 6 and 7% but most likely end up in the 6.5% range. Some are predicting that rates will creep closer to 7% by years end.
What does this mean and why should you care? I hate to sound like a broken record when I say this, but if you are considering making a purchase or refinance, now is the time. Over the years, I have watched people "play the market" and lose out big time. It is my job to watch the market for my clients, and I monitor it throughout the day with the use of the latest technology. I receive market alerts throughout the day on my cell phone telling me where things are headed and this helps me to "predict" the market in the short run.
If you are considering a purchase, refinance, or any other type of mortgage, and want to know what direction the market is headed, do not hesitate to contact me.
In closing, I wish you all a happy holiday weekend.
Until next time,
Anthony
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