Seattle Real Estate Mortgage Rates Today 2/25/2011
Seattle / Bellevue Real Estate Mortgage Rate Watch: GREAT JOB BOEING!!! Thousands of jobs will be maintained and created here in Washington! We are on our 12th consecutive day of rates showing signs of improvement, BUT (sorry) this could be short lived. Why? The concern right now lies in the Crisis in the Middle East. We are so dependent on OIL that the entire shift has gone to how will this impact the U.S. economic recovery. If you take away the ongoing problems in the Middle East, here in the U.S. we continue to show signs of improvement as an economy. What has stemmed from the Crisis is Black Gold, once again the price of OIL. Heating, Plastics, Hair Products, Transportation and the list goes on, all tied to oil. All of this impacts YOU & I. The costs of goods can only go up from here.
Costs of goods increase, Corporate profits shrink because the cost of manufacturing will increase, transportation will increase and the COST to BUY a home will INCREASE. Housing prices may not be moving but it will cost more moving forward in 2011 for the same home. This will not sit well with many buyers. DON’T forget that Fannie Mae & Freddie Mac will also have increases AGAIN for financing a home. This does pose the question is it the right time to buy? STRICTLY from the standpoint of how it impacts the budget……. YES it is the right time to buy. MORTGAGE RATES only show signs of a gradual increase, cost for financing increasing, costs of goods increasing, the price of a 2×4 to build a home at HOME DEPOT increasing. HATE IT everything is going up. But this is the REAL market we now live in. So this will be an uncomfortable position every buyer and seller will have to face moving forward. Timing is EVERYTHING…… Just like real estate is all about the LOCATION.
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