It appears that after last summers record low postings of home interest rates, that the rate may be moving back upward. Here are some recent interest rate offerings at my company from a lender…
January 27, 2010: 4.875% Conventional 30-Year Fixed
February 3, 2010: 4.875% ”
April 21, 2010: 4.875% ”
June 4, 2010: 4.75% ”
June 24, 2010: 4.375% ”
July 9, 2010: 4.625% ”
July 22, 2010: 4.375% ”
October 22, 2010: 4.00% ”
November 10,2010: 4.125% ”
December 21,2010: 4.625% ”
January 19, 2011: 4.75% ”
So how much longer before we see the 5% range again? As long as the housing market can sustain a sales pace at or above what it was, you can expect the rates to go up.
Randy, Mike. Put the interest rate in prospective. Varied payments on a specific loan amount – say 30 year loan 20% down $150,000 house. What does the change in interest rate mean to buyers.
Mike,
My efforts were to show a trend, I didn’t want to get into the specific nuances about loans because of RESPA.
Randy