Current mortgage rate trends remained flat throughout the day and most of this week. The reason why is because there hasn't been any news causing investors to sell their stocks and buy mortgages which are considered a safer investment during bad economic times. Bad economic news usually drops mortgage rates and good economic news usually raises mortgage rates.
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Ben Bernanke the Fed chairman held a meeting after the FOMC meeting and basically side stepped questions. Several reporters asked Mr. Bernanke how long the improvement would have to go before he would raise overnight interest rates (not the same as mortgage rates) and he sounded like a broken record. When we determine the economy is back on track and it is sustainable we will act accordingly. He did not answer their question about how long it would have to remain good before he raises rates.
When is a good time to buy a home? Now. Mortgage rates aren't likely to improve and with inflation being a future concern we could see mortgage rates jump. I would speculate in the 7%-8% range. I have nothing to back this up, just my gut feeling. Not to mention, home prices are really low. Low price and low rates.
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