Thirty Year Mortgages at 5.25%
Bellingham WA - over the past couple of days I’ve talked to at least four to five local Bellingham mortgage lenders and it seems the concensus is that rates on thirty year mortgages are down around 5.25%. With those kind of rates being offered, most of these lenders are locking a lot of loans for consumers in our local bellingham real estate market.
I’m not sure if these loans represent home owners that are refinancing, buyers getting financing on a current home purchase, or buyers locking loans for something they plan to buy soon. The positive in all this good news, is that the activity in the local mortgage lending is up all across the board. I think the next couple of months, as long as rates remain low, will actually be busier in home sales than we have seen in the last year or two.
I’m really surprised that more home buyers are not taking advantage of this rare timing of really attractive interest rates, depressed home values and the fact that it’s a buyers market. I think once the holiday season is over and we start to get into to the new year, we will see some upticks in our local Bellingham real estate sales numbers.
Whats really fueling this drop in interest rates is the ten year long bonds which have droped from a range of about 3.25 to 3.50 down below 3.00 and as low as 2.67 just today. That’s just incredible and reflects strongly in whats happening with interest rates on all kinds of mortgages. I really can’t see interest rates dipping to much further and I would strongly suggest anyone thinking of locking a rate, should be doing it sooner than later. This is obviously just my opinion, but I really can’t see why anyone is waiting if they want to secure some great rates right now.
Jerry Campbell - Muljat Group - Bellingham WA - Bellingham Real Estate