It Has Begun . . .
June 3rd, 2009 . by Jon ModeneOne thing that I dislike about my guild – the National Association of REALTORS – is that they always say “It’s a good time to buy a home!”
In a hurricane? It’s a good time to buy a home!
In a depression? It’s a good time to buy a home!
If there ever was a nuclear war – you can count on the NAR to say one thing . . . “It’s a good time to buy a home . . . before the fallout hits!”
By ALWAYS saying this one thing, at all times, and in all circumstances, they have pretty much shot the credibility of any Realtor who says . . . oh, you might want to buy a home now.
So I will not say that.
But I will point out that the predicted rise in interest rates that I have forecast for 2010 has begun.
Read about it here . . . at the Mortgage Bankers site.
Highlights:
The Market Composite Index, a measure of mortgage loan application volume, was 658.7, a decrease of 16.2 percent on a seasonally adjusted basis from 786.0 one week earlier.
…
The Refinance Index decreased 24.1 percent to 2953.6 from 3890.4 the previous week and the seasonally adjusted Purchase Index increased 4.3 percent to 267.7 from 256.6 one week earlier.
…
The average contract interest rate for 30-year fixed-rate mortgages increased to 5.25 percent from 4.81 percent …
You can figure the rest out for yourself . . . rates are going up. So you should, for once, listen to the National Association of REALTORS.
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