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Mortgage rates are moving up and the housing market could be nearing a turning point, don't miss your chance to secure your savings.

 

The market has been quite resilient and key indicators lead most to believe mortgage rates will be moving up.

There are a number of home owners and home buyers who are sitting on the sidelines trying to time the market bottom. This could result in a missed opportunity without careful consideration to move forward.. Since early January the mortgage industry has seen interest rates slowly move back up and across six percent. The Fed has aggressively cut the Fed Funds rate, but very likely will be slowing this pace down in the near future. The stock market has rallied almost 1000 pts and oil prices are surging. These trends to not favor a drop of any consequence to mortgage rates. The probability of mortgage rates again dropping below 5.5% are becoming less likely without a major catastrophic occurrence in  the market. There are a number of major metropolitan areas such as Detroit that are beginning to report an increase in home sales. Real estate is very much a local economy and you can expect there will be markets that continue to decline as well as some that will begin to show signs of improvement. Nationally it is not hard to imagine some positive momentum to the real estate market starting this year and those that have the ability to purchase may want to do specific research to truly understand their markets supply vs demand as well as inventory stock. The government could play a critical role in helping to provide some momentum if they are able to pass a mortgage stimulus package. The time for action is certainly within site.

 

5-17-2008 ? LoanNetwork.com

 

 

 

 

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