Rates Down Slightly
Although mortgage rates have risen the past year from their 2012 all time lows, this past week, they did recede a little bit. However, even with that small drop, they now sit about one full percentage point above their lows of last year. What does this all mean? Well, it means, obviously, that it now costs more to borrow than at this time last year. More importantly, the trend is that rates overall will continue to rise through year end and into 2014. So, if you're thinking of buying a new home, better to get it done sooner than later, if for no other reason than saving yourself some money.
If, as part of your plans, you also need to sell your existing home, it is also a good idea to have it ready to go as soon as we're past the holidays. That's because buyers will be out in full force as soon as the holidays are done, looking for their next home. They're doing so this soon because of the rising cost of borrowing, and also because at the start of the year there's less inventory than later in the spring, and they want first shot at it. Time to get ready for this surge!
Either way, we can help you. Call: Peter: (415) 279-6466; or Jane: (415) 531-4091. We'd be happy to help you get the best options for your particular needs!