Are Luxury Mortgage Interest Rates Going Up for Newport Beach Homes?
ByIf you have been looking at homes for sale in Huntington Beach, Newport Beach or Long Beach and need a mortgage, you should keep reading. Here is a quote from Barry Habib from Mortgage Market Guide:
“Yesterday’s Fed Meeting Minutes revealed that Fed members discussed extending the end date for the Mortgage Backed Security purchase program, so as to not disrupt a fragile housing market. However, several Fed members judged that a “tapering of agency debt and MBS purchases could be helpful.” The program is currently set to end at the end of December. Obviously, we will have to watch this story closely, and we are handicapping the odds of an extension to be around 50-50. If the Fed does not extend the buying of Mortgage Backed Securities, count on rates moving back above 6% by January.”
Don’t look a gift horse in the mouth. I met with clients last night with a conforming loan at 6% and we can move them to 4.875%. Now is the time and it might not be here for that much longer.
As you know, I work exclusively on referrals. The best part of that is that the money I save in advertising can be filtered back to my clients in the form of lower fees. So if you or someone you know is looking for Long Beach CA mortgage and need help putting together a plan, then give me a call or send me an email.
Thank you!
Hopefully the Fed will move to keep rates low. The last thing our economy needs right now is higher interest rates in the housing market!