Mortgage interest rates ticked up slightly on Wednesday as money moved back into the stock market during the holiday shortened trading day. In a rare, but significant set of economic circumstances mortgage-backed bonds decreased in price as investors moved back into stocks and treasury bonds increased in price as investors also bought bonds to add quality products to there portfolio for the year end and in anticipation of another Fed rate cut. Mortgage rates did correct back a bit today to again leave the 30 year fixed rate at around 6% with a target price of 6.75%-7% by the end of 2008.
Today’s home financing requires a mortgage professional able to secure a loan program, terms, and an interest rate that best suit your overall financial strategy and your current financial needs. Your mortgage professional should also account for the current, short-term, and long-term future economic outlook.
The David M. Damare’ Team is committed to securing your financial lifestyle using the latest market monitoring tools and mortgage lending strategies.
Rates available anytime upon request at 919.851.0999.
Thank you for the opportunity to serve you.