In a continuing series of mortage rate watching... this is seriously a sport. The facts are the facts... mortgage rates are pretty low any way you shake it out. I love watching all the factors involved in mortgage rates and overall economic movements. Don't you?
Mortgage rates tumble back towards 6%
Here's a little quote from the story...
"So here's our best snapshot of what's going on in the housing market right now:
Sellers could demand higher and higher prices for their homes, and buyers could afford to pay them, when the cost of borrowing money was at or near record lows.
As borrowing became more expensive, buyers couldn't afford to pay as much as they did last year, or just a few months ago. As a result prices are leveling off in most, although not all, cities.
But these are mortgage rates we can definitely live with. If buyers and sellers temper their expectations just a bit, life can go on very nicely".
Sound familiar... buy low sell high. Rates are low, inventory is high... game on. The only way to do this is take a legitimate shot at a property you like. I'm waiting by the phone... no really, I am.