New York City Real Estate | NYC, NYNew York City Real Estate | NYC, NYNew York City Real Estate | NYC, NYNew York City Real Estate | NYC, NY
  • ABOUT
    • ABOUT SCOTT
    • ABOUT THE TEAM
    • PRESS
  • BUYERS
  • SELLERS
  • VIDEOS
  • LISTINGS
  • JOIN OUR TEAM
  • BLOG
  • CONTACT
  • CALL SCOTT NOW

Mortgage Rates Climbing Towards 4% Again

    Home Newsletter Mortgage Rates Climbing Towards 4% Again
    NextPrevious

    Mortgage Rates Climbing Towards 4% Again

    By admin | Newsletter | Comments are Closed | February 15, 2013 | 0

    As of today, mortgage rates are nearing 4% again for 30-year fixed rates.

    That is, rates are at their highest in months.

    This reflects a strong stock market and a climbing 10-year Treasury pricing.
    A mortgage broker at Citibank, Michael Most, gives me a good read on his current borrowers.

    He tells me that he is getting all of this clients to “lock rates as they are today.”

    He sees rates continuing to increase, that “these are the last days of the good deals…by Q3 and Q4 we will see rates hit 4.0%.”
    Should rates tick back down, his bank and most others do offer purchasers the opportunity to float their rates down at least once before closing.

    Wells Fargo recently was allowing the floating down of locked-in rates if and when they drop by 1/8 of a point or more, as many times as that might happen.

    We all want our rates to float down


    Of course, as rates tick up, owners are likely to try and refinance before they go any higher.

    Low interest rates and a more optimistic and open lending environment has fueled borrowing in the corporate sector, along with residential purchases and refinances.

    Will rates continue to climb?

    Will it impact purchasing?

    Will the Fed do anything to slow rates from climbing?

    Should they?
    Other mortgage brokers I have spoken to are very optimistic that rates, while no longer at historic lows, are, when seen in a broader context, are the sign of a recovery trend.

    Certainly, we are seeing recovery in full swing in New York City.

    I don’t know that I’m confident that recovery will hit with the same velocity anywhere else, and discussion of a “jobless recovery” is a symptom of the same trends that have made New York City’s tech sector so strong right now- improved efficiencies across all businesses, requiring fewer workers to do the same amount or more than before.
    Since I focus on New York City, and know my readers and clients are also most concerned about what is happening here, I can say that a strong stock market, along with a tempered rise in rates, will allow the market here to recover and improve.

    I suspect that over the next few weeks, we’ll see some event that will help rates tick down- and all buyers and those refinancing, should be ready to lock in rates when that happens.

    Don’t forget.

    18 months ago, many buyers were THRILLED to be getting mortgage rates in the low 4’s.

    So we are still in a VERY low rate environment, whatever happens.
     

    housing market, interest rates, job market, Mortgage Rates, new york city apartments, nyc housing, nyc tech, recovery, rising mortgage rates, selling new york

    NextPrevious

    Recent Blog Posts

    • (VIDEO) The Last Greatest Real Estate Deal in the United States (Hint: It’s Manhattan) June 29, 2022
    • (VIDEO) Our Big Win of the Month! “The Search” Goes Upper East Side June 29, 2022
    • What Are You Waiting For? Math of the Month- Mortgage Rates vs Sales Prices June 28, 2022
    • (VIDEO) Visionary Brokerage Is For Times Like These May 31, 2022
    • The New Waldorf-Astoria Towers – and The Resurgence of Midtown May 30, 2022
    • When You Can’t Let Go of Your Apartment- Or Your Stuff. May 30, 2022
    • (VIDEO) Trading Masks for Armor? The Battle For New York Real Estate is On. April 29, 2022
    • Miami Comes To New York- In The Form of Regulation April 27, 2022
    • My First New York City Real Estate Deal April 27, 2022
    • The Flight To Quality, and 4 Other Good Reasons Why the RE Market Stays Strong in 2022 in NYC March 30, 2022

    Archives

    Call us: (646) 400-0769
    Email us: sharris@bhsusa.com
    Visit us: Brown Harris Stevens
    1926 Broadway
    New York NY 10023

    © 2022 The Harris Residential Team. All rights reserved.
    • About Scott Harris
    • About the Team
    • Press
    • Buyers
    • Sellers
    • Videos
    • Listings
    • Blog
    • Contact
    • Call Scott Now
    • Brown Harris Stevens Fair Housing Policy
    • ABOUT
      • ABOUT SCOTT
      • ABOUT THE TEAM
      • PRESS
    • BUYERS
    • SELLERS
    • VIDEOS
    • LISTINGS
    • JOIN OUR TEAM
    • BLOG
    • CONTACT
    • CALL SCOTT NOW
    New York City Real Estate | NYC, NY