http://www.batonrougerealestateappraisal.com/ – Baton Rouge FHA Real Estate Appraisers Report On Mortgage Rates Being At A 7-Month Low – Week 2 July 2009
According to CNN.com, there is a mixed bag of mortgage rate news. While mortgage rates have fallen to 7-Month lows, down to 5.34%, mortgage refinancing has fallen 18.9% last week as borrowing costs have increased. According to the article for the National Economic Picture, “The drop does not bode well for the hard-hit U.S. housing market, which has been showing some signs of stabilization, with sales rising and home price declines moderating in many regions of the country. Rising unemployment, concerns about job security, potential buyers’ inability to sell their existing homes and problems with appraisals coming in too low are all weighing on demand, he said.”
Rates Need To Fall Below 5%. According to the article, the sweet spot for both home purchasing and refinancing is at or below 5% range and hints at more Government involvement to take further action to lower mortgage rates to this level.
This is an interesting read on mortgage rates and the national economic situation. Thankfully, we know from our local economy, news and forecast that the Greater Baton Rouge market is still doing well.