Seattle Real Estate Mortgage Rates Today 11/15/11
Seattle Real Estate Mortgage Rates Today 11/15/11: Retail Sales Continue to Climb. Retail sales increased .5% to $397,666 million in October. Though the percentage increase was down from 1.1% in September, it marks the second straight month of strong sales and continues an upward trend in consumer spending. The increase in October brings the 2011 level 7.2% above that of October 2010. This chart shows monthly retail sales since May 2011 in millions.
These numbers are encouraging, if the U.S. economy can continue to maintain these levels we will hopefully avoid the second recession many were speculating. Though positive information should have hurt Mortgage Rates the uncertainty in Europe still has a hold of investors attention. Uncertainty once again holding the Mortgage Rates at current levels.
INFLATION report! At this time we are still in line with expectations as Inflation is “Subdued” like the Federal Reserve has been stating. This is very good for Mortgage Rates. Even though we have seen no market improvements if INFLATION had been a concern Mortgage Rates would have spiked higher. Keeping in mind INFLATION is bad for Mortgage Rates.
It is very interesting how many home owners that have taken no action to reduce their Mortgage Rate. Today we received a call from a client who currently has a Mortgage Rate of 6.25% on a traditional 30 year fixed with equity, great credit and no obstacles to overcome in underwriting. When we asked why had they not taken action sooner they simply did not feel it would be worth it. Now understanding their goals we were able to structure a refinance which would save them over $250 per month and would have a break even point in less than six months. Since they will remain in the home for at least the next ten years it was a very strategic move to increase savings and cash flow. Thank you for allowing us to assist you both.
Timing is everything just as location of the home is critical. Timing in securing an interest rate, BEST rate, is working with a mortgage professional who has their pulse on the market and when best to advise and educate their clients when timing is right. Along with this key knowledge is to be on top of all of the lending and underwriting changes which seem to almost happen daily. We at the Mortgage Reel are Licensed Washington Loan Originators, serving clients with transparency, knowledge and most importantly keeping your goals in mind. How can we assist you today?
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