St. Louis Real Estate - Mortgage News - Get on It

Lock Now! by Chris Scheer, Branch Manager, Cornerstone Mortgage, O’Fallon, MO

Over the last week we have seen interest rates for fixed rate mortgages drop between .25% and .375%. Why is this you ask? Wall Street is taking positions based on what they think the Federal Reserve will do with short term interest rates. For those of you that are waiting until the Federal Reserve Board makes its announcement at 1:15 p.m. C.S.T. on Wednesday October 31, 2007 you will be too late. See my previous writings about how the market moves before and after a Fed meeting.

Other things to consider, with the 30 year fixed rate hovering just above 6% we are at a psychological barrier. For the long term rates to go below 6% takes tremendous pressure. I don’t see the economic reasons that would apply this pressure taking place at this time. There are too many other signals that rates should be going up as opposed to down. This could be your last time for 6 months to lock into that really low rate!

Contact Chris Scheer at chrisscheer@stlouisrealestatevoice.com

This entry was posted on Sunday, October 28th, 2007 at 4:58 pm and is filed under First Time Home Buyer, For Buyers, For Sellers, Mortgage News, Real Estate News, Relocation Buyer, Unrepresented Seller(FSBO). You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.

One Comment »

Clearwater Florida Real Estate said:
Chris - timely advice - I hope home buyers in St Louis heed your warning - I agree rates are probably going up (and I think the market will to in the not to distant future too) Best buys are happening right now. - Cyndee Haydon
# 31 October 2007 at 9:50 am

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