Rising Mortgage Rates Are Still Low

A year ago, when the average rate for a 30 year mortgage was approximately 3.5 % there were a lot of people who found a renewed drive to buy a home. Considering that in October of 2005 the 30 year mortgage rate had crept above 6%  and only occasionally dipped below that point until; the middle of 2010 where it hovered  around 5-5.5 % until mid 2010.  At this point, 30 year mortgage rates dropped most weeks and hit its low in the week of November 23, 2012 when it was down to  3.31%.

So far in 2014, 30 year mortgage rates have been pretty consistent, near 4.5%. The week of April 25 saw a slight rise in the rate, from 4.27% to 4.33%. For several weeks before it had either been up or down slightly, and did not experience a change over  1/10th of  a percent.

Experts see these trends as a sign of a slowing housing market, but even if that is true that slowing is minimal and those who are either buying a new home or refinancing their existing homes can still get a pretty good mortgage rate. A slowing market also means less competition and more room for negotiation.

But since the market does fluctuate, it’s good to have a good Contra Costa County real estate agent on your side to be your advocate not only when it comes to searching for a home, but also when it comes to dealing with lenders. Cary Amo from People and Properties Sotheby’s International Realty in Lafayette, California . Cary has worked as a residential realtor in Contra Costa County more more than  20 years and has managed multiple real estate offices. He is highly knowledgeable about the business of mortgage lending, including short sales and foreclosures, and he strives to pass on this knowledge to all his clients, whether they are buying or selling property. He can even offer recommendations to those seeking to make repairs or home improvements.To learn more on how to position yourself the best way possible in the housing market, contact Cary Amo today.

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