Fort Lauderdale Real Estate Mortgage Report & Mortgage Rate Update for the Week Of June 16, 2008
June 19, 2008
When you are looking to by your Fort Lauderdale real estate home or condo you are going to want to get the best mortgage rates that you can find. While you are searching for your Fort Lauderdale real estate home or condo it will be much easier if you know in advance that you are approved for a mortgage and you know that you can buy the home you desire.
I work with America’s #1 Mortgage Broker and I can assure you that Brian Brady will get you the best mortgage possible when you are ready to buy your Fort Lauderdale real estate home or condo.
Here’s what Brian has to say this week regarding the mortgage market here in the Fort Lauderdale real estate area:
Fort Lauderdale Real Estate Mortgage Report & Mortgage Rate Update
Mortgage rates are headed higher. Lock all rates at application, regardless of closing date.
The trend is clear; the Fed believes it has done all it can to stave off the banking crises and is now focusing its efforts on inflation. This morning, retail sales were up and the dollar is strengthening. If stagflation is the fear, the current strategy of targeting core inflation may be abandoned for the more radical Paul Volcker-style approach to tame inflation.
While I believe the higher mortgage rate cycle will be shorter than the 80-s style interest rate hikes, it’s clear to me that Bernanke is talking differently than he did in 2006 and 2007. The effect? We could see mortgage rates rise as much as 2% in the next two years. I still believe that a five year ARM will offer the best solution because interest rates move in cycles; I think we’ll see mortgage rates under 6% again in 2011. Today? The trend looks like we’re headed higher.
What then, should be your strategy?
1- If you were thinking of refinancing your home loan, apply now. There will be little periods of weakness in rates this year and you should jump on any chance you have to get a 5/1 ARM under 6% or a 30 year fixed rate under 6.5%.
2- If you can’t get the home loan you want today, get your documentation to me anyway. Secure an approval that is good for 90 days and wait for those periods of weakness to lock in the right rate.
3- If you were thinking of buying a home, mortgage rates are about as good as they’ll get for the next two years. Get pre-approved, contact your REALTOR and start looking.
If you want to lock in on a mortgage for the Fort Lauderdale real estate home or condo that you are buying, then now is the time to do so. Jump on these low rates now.
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If you are interested in learning more about buying a home or condo in Fort Lauderdale or anywhere in South Florida; or if you need any information about the Fort Lauderdale real estate market, please feel free to contact me and it would be my pleasure to assist you.You can contact me at the number shown below or please feel free to contact me by the form below and I, or one of my assistants, will be sure to get right back to you within a few hours, if not sooner.
If you are inquiring about a specific property shown on this site, please include the address of the property in the comment section of the contact form below.
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Robin Sing-Cunningham
robins@robinashley.com
Access USA Realty
Local Fort Lauderdale | South Florida : 954-709-7461
My Assistants:
Barry Johnson: bjohnson@robinashley.com
