Tag: interest rates

Why You Should Think About Refinancing – NOW

I’m not a lender. I don’t play one on TV, I didn’t stay at a Holiday Inn Express last night, and I’m not sending three easy payments of $19.99 to be a lender. But when I see low interest rates, I pay attention, because if I know where the low rates are than my clients are probably interested. I wrote in the beginning of June about what I thought rates might do, but what do I know?  Then, I saw this on The Today Show: I can tell you that last week, my wife and I contacted Brandon Nicely about …

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Mortgage Rates In Summer

I’ve been working with someone who recently made the comment, “well, with the tax credit now expired I expect interest rates will go down a bit more”.  I have his permission to retell this story … he just didn’t know it’d be the very day after he said it. Yes, the first-time buyer credit has now expired.  No, the real estate market hasn’t tanked as a result.  And no, you shouldn’t be prepared for interest rates to drop, because they don’t tend to do so during the summer months.  The summer is when people like to drive – a Sunday …

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How Interest Rates Work

Brandon Nicely wants you to know that interest rates aren’t quite as scary as one would think.  Here’s a video to prove it: _______________________________________________________________ Brandon is a branch partner at Alcova Mortgage. He enjoys doing his taxes, firewalking and competitive eating, but not necessarily in that order. You can reach him at brandon@alcovamortgage.com, or 877-552-7150.

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Are You Broke Or Stupid?

The title of this post is a bit shocking, no?  I pulled it from an article posted at BusinessWeek.com last week entitled “If You Don’t Buy A House Now, You’re Stupid Or Broke“.  Do I believe you’re broke?  I hope not.  Do I believe you’re stupid?  No, although I’ve certainly been called worse.  Nevertheless, the title still makes you stand up and take notice. If you have a few moments I’d encourage you to read the whole article; Marc Roth talks about the historical lows that interest rates are at, and gives some insight into how they’ve arrived at these levels. …

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Is The Real Estate Glass Half Full Or Half Empty

The all time closing high of the S&P 500 was 2 years ago, when in October of 2007 it closed at 1565.  On Friday, October 9 2009, the S&P closed at 1071, 32% lower than the all time high just 2 years earlier.  HOWEVER … IT IS 58% HIGHER THAN THE 3/9/09 BEAR MARKET LOW CLOSE. We are always looking to the positive or negative and this is no different as some individuals are still talking about the 2007 market.  We really can be thankful of the turn around since March, and the same is true with rates.  Everyone is …

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How Does Inflation Correspond With Interest Rates?

If you remember, I mentioned two weeks ago about the Federal Reserve stopping the purchasing of mortgage backed securities and how this will effect rates in the future.  Well, we got some more news about rates last week. Ben Bernanke, the Federal Reserve Chairman, said the Fed will be very vigilant to protect against inflation.  You may wonder why that would impact interest rates?  Inflation is the arc enemy of interest rates, and will push them higher, and all signs lead to higher rates over the next 2 years.   The bottom line is that rates are already on the rise, …

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Federal Reserve and What It Means For Interest Rates

Allow me to introduce Brandon Nicely, branch partner in Alcova Mortgage here in Blacksburg.  The mortgage industry is literally changing on a daily – and sometimes hourly basis – and Brandon’s going to be bringing us the straight talk on what’s really going on in the industry, what’s happening with rates, and what to expect going forward.  And we’re going to hold him to every word, it’s as good as gold!  Okay … we’ll give him a little leeway. He’ll be posting things here on the blog from time to time, if there’s something you want to know, email me …

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What Do Mortgage Rates Do In The Summer?

According to Dan Green of TheMortgageReports.com, they go up. I’d heard someone once say that gas prices often reflect what’s going to happen with mortgage rates, and Dan not only reiterated the same, but why.  It’s an interesting correlation, and one I’ll be watching more in the future. They – gas prices OR mortgage rates – don’t seem to be cooling off anytime soon, so there just might be something to the idea. But Marianne Lane of Coldwell Banker Mortgage says she’s seen the opposite effect in the last 15 years, that often rates in July and December are lower …

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Are Interest Rates Good?

It seems I keep getting asked “how low are interest rates right now?“, and I keep getting quizzical looks when I respond: “The lowest they’ve ever been.”  Well, the lowest they’ve been in 30 years.  I’m serious. The Virginia Association of REALTORS put the following graphic together, with information from Freddie Mac: You can download the whole PDF here – http://www.varealtor.com/LowRates. Like a lot of you, I find the line “there has never been a better time to buy” a bit insincere, when so much is being made of what’s negative in the housing market.  Nevertheless, the truth is that …

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