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I just wanted to share with you some information on what’s going on with interest rates. If you look at the graph below it shows the MBS (Mortage Backed Security) market. Until January 4th, things had been going good for rates, but then on January 5th , once the runoff election in Georgia took place, you see that it was the start of a massive sell-off of bonds which means.............higher interest rates.
It looks like it may have finally bottomed out on Monday, January 11th and we are now leveling off. It may be improving a little bit today, but the damage has been done in the past week, rates are higher, although still in the high 2’s for those with good credit, but still higher.
BUYERS!!!!! If you are on the fence about purchasing a home, get off because, now is the time! The cost of waiting could cost you $1000’s in interest paid over the life of your loan.
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