Last week, bonds finished strong and closed above the 50-day Moving Average. Usually, when bond prices move higher, mortgage interest rates move lower.
When to call the mortgage company? When to make a decision to buy a property? When to pull the trigger?
I have written many times about national information versus the local Atlanta real estate market, and as far as mortgage interest rates go here is some valuable information:
Generally, these are the case; the weaker the economic data then the better the interest rates. Positive data causes rates to rise. This time I am speaking of NATIONAL data, like unemployment rates.
When the Federal Reserve lowers the interest rates it does not necessarily translate to lower 30-year mortgage rates to consumers.
As far as locally, we are in my opinion in the trough as far as home prices goes. Are we at the beginning or the middle?… No one knows largely, because we do not know nor does Wall Street… the full impact or ramifications of the Sub-prime debacle that is still playing out. Bears and Stearn is evidence of that.
There are many deals in our metro Atlanta real estate marketplace. In just the last few weeks it seems to me that listing agents and sellers are acknowledging this is a BUYERS Market. I think that the trough is more micro market here in Atlanta. There are particular neighborhoods and Condo/Town home complexes that have been adversely affected by foreclosures and there are tremendous bargains too.
So, no matter where we are in the trough of falling home prices… beginning or middle, as a larger metro market… there are deals. You may have to look harder but they are out there.
There are many quality mortgage companies that have ability to lock a loan before you make a decision on a property. That is my advice. Trust a true mortgage professional with a good track record, don’t wait unless you have to. Offers on foreclosures must be supported with a letter from a reputable lender.
The Financial and Housing markets’ volatility will continue. You just don’t want to have a rear view mirror to see what you missed!
Debby Crawford
REALTOR®
Crawford Group Atlanta
Keller Williams Realty Peachtree Battle
2345 Peachtree Road, Suite A & B
Atlanta, GA 30305 | www.CrawfordGroupAtlanta.com
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