Mortgage Rates Hit 5 Year High
This week it is projected that mortgage rates will reach a 5 year record high. Thanks to declining markets, credit lending guidelines tightening down, banks going out of business or merging to avoid bankruptcy, and many other economic factors, potential homeowners will now be facing an even more difficult time in trying to qualify for a new home due to the sharp an sudden increase in mortgage loan interest rates.
Just last week, mortgage loan rates were in the 4-5% range. But by the end of this week, mortgage rates could be as high as 7-8%. Those people who were waiting for the right time to buy have missed that ship, as it set sail last week. The great deals of low priced houses and low rates, may never be seen again in our life time. Those who jumped on the golden opportunity have the potential of turning their gold into platinum, while those who procrastinated will struggle to even purchase cardboard box big enough to cover them from head to toe.
But in all this bad news, there is good new!!! What you have already read has not happened yet. Rates are still at all time lows. They are still in 4-5% range. There are still some 100% mortgage financing programs out there. Banks are still lending money. And homes are still being purchase at great prices. Don’t wait till the title becomes a reality.
Call your realtor today to find a deal, I mean home, that is right for you. And call us today, to get your financing in place and your rate locked in before they really do go back up. Time is not on your side…
(352) 308-7219 Phone
For some time now, Knightlines Mortgage Services has been offering the people of Florida a convenient way to finance and re-finance their residential property.
But that isn’t the entire story - we are also doing commercial lending in all 50 states. AND - now we can offer commercial financing OUTSIDE of the country as well. Caribbean, South America, etc - just call for the details.