Tag: mortgage rates

What Does A Trump Presidency Mean For Mortgage Rates?

Tap tap tap. Is this thing on? It’s been a long time since I blogged with any regularity at all, but today seemed an appropriate day to dust things off and get back into the saddle. I was speaking to a group yesterday and was asked about the blog, where I was reminded that it had been far too long since I had done this blogging thing. So … let’s get back to this, shall we? Now’s as good a time as any. There was a relatively significant event in the United States yesterday, one in which hundreds of millions of …

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Sorry – Zillow is not accurate in Montgomery County

Much of the conversation with buyers lately has centered around what the market is going to do.  It seems everyone wants to know two things – (1) what’s the market going to do, and (2) when are rates going up?  At the risk of sounding flippant (and failing miserably, I’m sure), my response is usually “who cares?“. I mean, if you’re a serious buyer and the right house is on the market, in your price range, you buy it – right?  And with rates ranging somewhere between 3.87% and 4.63%, is 1/8th of a point going to make that much …

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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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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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Why Do New River Valley Rates Change So Much?

Mike:  Why was I quoted a rate of 5% yesterday and 5.25% today? Do rates change that fast? Brandon: Mike, Interest Rates change constantly, just like the stock market.  There are certain economic indicators, such as unemployment data, consumer price index, retail sales and consumer confidence, that effect interest rates.  A good rule of thumb is that, in most cases, you can watch the relationship between stocks and bonds.  When the economy is slow “bearish” investors move money out of stocks into bonds or mortgage backed securities, causing rates to decrease (or improve).  When the stock market is going up …

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How To Calculate Your Monthly Payment

Ever wanted to know how to calculate your monthly payment?  Well, Dan Green has provided four great formulas for calculating things like principal and interest payments, or how much you’ve paid in interest in a given month or year.  You can see his whole post here, but I’ve put a quick screenshot of the principal and interest formula below. Remember that the resulting number only calculates principal and interest, and that it doesn’t take into account taxes or insurance, or auxiliary fees like HOA fees.  To determine taxes and insurance, take whatever those amounts are and divide by 12, and …

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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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