If someone in Real Eatate, a loan officer wrote this what in the world does this mean for buying a house??????
The good news is that rates early this week hit the lowest point since mid 2005 with 30 year fixed rates to be had for under 6 Percent. This is huge, as over the last 50 years there are very few times that rates have dropped to this level. I can still remember fixed rates in the 80’s of over 15 Percent. What do you think that would do to your housing expense and disposable income?
The employment numbers which were released this morning were much more positive than anticipated. This has put pressure on mortgage backed securities causing their yield to rise. This movement has increased rates a little, but still leaving us with historically low home mortgage interest rates. The 10-year bond is currently up 20 basis points from Monday of this week, trading at 4.08 Percent -up from 3.88 Percent. Our feeling is that despite the market gyrations we will enjoy these favorable rates over the near term, making this a great time to purchase or refinance.
We bought our first home in November of 2006, so I am slightly confused and new to all of this. But we have two separate loans and got both 1098. So it says the interest amount then it lists the points as “0”. Does that mean we didn;t pay enought or what?? Before when we were renting we could claim all of the rent we paid and now we have a mortgage which is more than the rent and we can not claim anything that we paid??!! I don’t get it. Please help.