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From Tony Stevenson SWBC:Avg rates for 3

From Tony Stevenson SWBC:Avg rates for 30-yr & 15-yr fixed mortgages fell to fresh record lows this past week: 3.84 % for the 30-yr & 3.07 % for the 15-yr. Question remains: “will they go down further?” That is a hard question to answer. I tend to watch the markets for clues. For example, when the DOW does well, rates tend to go up as investor are purchasing stocks. However, when the DOW does bad, investors tend to invest in Bonds and MBS’s (mortgage-backed securities) which can cause rates to drop. My advice to future home buyers is to watch the markets but, you will do well to find a Mortgage provider and Loan Officer who can advise you when to “lock-rate”. Are they always right? No. But, how much more do rates have to drop to get real buyers into the market? Right now, there are serious home-buyers out there because they know that now is the time to buy as home inventories are good and rates are at historically low levels. And guess what else? Mortgage Lenders are loaning money!

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May 9, 2012 - Posted by | Fredericksburg TX

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