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 for the Rest of the Year? Approaching 5%.

    Home Newsletter Mortgage Rates for the Rest of the Year? Approaching 5%.
    NextPrevious

    Mortgage Rates for the Rest of the Year? Approaching 5%.

    By admin | Newsletter | Comments are Closed | August 23, 2013 | 0

    Mortgage rates are at a

    two-year high, as the stock market sorts out how to deal with QE3 tapering.

    There is consensus about the direction of rates from the mortgage brokers I work with, anticipating rates on 30-yr fixed mortgages approaching 5% by year’s end.

    Most do not see rates over 5%, though.

    And importantly, none of these brokers seem to be overly dark and bearish on the rates affecting the velocity of borrowing.
    All are seeing choppy, sideways trading

    affecting rates

    until the economy

    stabilizes.

    This 5% ceiling seems to be the normal for now.

    So the window of opportunity is open for locking into low rates, not closing just yet.

    Window for Mortgage Rates


    There is a direct correlation between economic improvement and rates, of course.

    As the economy improves, and as the Fed intervention dissipates, rates will increase for borrowers.

    Will this rising tide raise all boats?
    One mortgage

    broker called this “the last good days for rates,” which seems more than a bit overwrought.

    Let’s revisit the recent past.

    Yes, these rates will almost certainly not been seen again in my lifetime, where they went nearly to 2%.

    However, rates were still 1.5-3% higher from 2003-2008 than they are now.

    We are still in a lovely borrowing environment and rates are still historically low.
    30 year 4.5%
    10 year ARM

    3.75%
    7 year ARM 3.375%
    5 year ARM 2.875%
    I’ll touch on the big picture in another post.

    condominiums, construction costs, loan preapproval, Mortgage Rates, nyc mortgages, NYC Real Estate, upper west side

    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