Mortgage rates!

Now is the time to lock in your mortgage rate. Rates were on the rise from March 2008-July 2008. In March and April it was a slow rise and no one really cared or noticed! Around June 1st, I heard many people complaining about the rates, myself included. Although I do remember purchasing my first property in the year 2000 when the rate was 8.5%. In the past I have had mortgage rates of 5.35% and 4.75% (unheard of on a 30 year fixed in today's market).

Recently rates have dropped. Analysts think the rate will rise again and they attribute this to increased concerns in financial markets that the Federal Reserve is preparing to raise interest rates in order to make sure inflation does not get out of control.

At the present time, home prices are still dropping, so that might make you feel better about whatever rate you lock in at. If you are planning on buying soon try to lock your rate. If you have time to play the waiting game, check the rates daily. Remember when checking rates daily, they could be down in the morning and up by the late afternoon.

I have a contact person at Bank of America. Bank of America is featuring loans with no closing costs and no fees for clients with great credit scores. If you would like more information or names of mortgage brokers in your area feel free to email me at AnnGrant2008@gmail.com

I work in real estate in NY (Westchester and Putnam counties) as well as CT (Middlesex and Hartford counties---I especially love East Hampton, Colchester, Hebron, and Marlborough CT as I now live up this way!