Seattle Real Estate Mortgage Rates Today 1/20/2011
Seattle / Bellevue Real Estate Mortgage Rate Watch: Good Employment Data pressuring rates higher, BUT good news we are seeing some support to sustain these current levels in rates. However it does not look appealing to wait for rates to drop much lower. Month after Month we continue to see now positive data and indicators to the improving economy. As the past has proven coming out of a recession and as the economy improves rates gradually move higher. This puts 2009 & 2010 in history books to having the lowest interest rates in U.S. history. Even with that said with rates moving into the mid 5.00% range this year we are still in historical low rates not seen in the last 20 years.
GOOD NEWS!!! Coming from the Housing Sector on Existing Home Sales. Reports came in at 5.2M IMPROVEMENT from the expected 4.8M. Based on the sales numbers existing home inventory fell to a 8.1 supply level, IMPROVED again from Novembers 9.5 supply. This is the lowest level in almost a year and in a cyclical time that home sales do not normally improve. WHY???? Great question! Rising RATES….. you got it, rates spiked after the announcement of Quantitative Easing 2 in November rising concerns on inflation. BUYERS moved off of the sidelines to secure contracts on home purchases from fear of rates rising too much. Question now is ARE WE AT THE BOTTOM? From a financial standpoint it may be safe to say yes. Real estate values may still have move but OUT OF POCKET EXPENSE to a home owner is a DRIVING FACTOR!!!!
Leave any comments or questions below. Find us on Facebook at “How to Beat the Banks” and LIKE us when you visit.