Evolving Mortgage Market
June 19, 2008
Throughout the last several years the mortgage market has undergone many changes. We went from having too many products with too little restriction and aggressive account executives promoting their products. Now the pendulum has swung back the other way and the products are limited, the number of low or no down payment products has shrunk to only a few and the interest rates are slowly inching up again. It’s always in a state of flux although the great rates on 30 Year Fixed loans we had earlier in 2008 are slowly going away. With an average rate around 6% these days it’s still quite good in comparison to the long term average of roughly 8% and nowhere near the 12% that was around in the 80′s. With the way things are these days I’m encouraging all clients to get loan pre-approval before making an offer that way you’re confident in what loan and rates would be available.
