Mortgage Rates Edge Up Slightly, PG Waxman Says “Many Home Buyers Now Rushing To Buy”

pg waxman_wmFreddie Mac says rates on 30-year fixed mortgages rose slightly this week, inching above 5 percent. The average rate on a 30-year fixed mortgage was 5.01 percent this week, up from 4.98 percent last week. Last year at this time, the average rate for a 30-year fixed mortgage was 5.25 percent. Rates fell to a record low of 4.71 percent set in early December. They’ve been held around 5 percent by a Federal Reserve program to pump $1.25 trillion into mortgage-backed securities to try to keep rates low and make home buying more affordable. That program is set to end March 31. “Many first time home buyers are now rushing to buy prior to the expiration of the $8,000 credit”, P.G. Waxman of Waxman Realty told TLS. “This may be part of the reason that interest rates are going up, which reflects strong demand to those looking to beat the deadline”. “Unfortunately, the banks and mortgage companies are being very strict regarding mortgage criteria, making the lending process a challenge even for those who have good credit and appropriate income” he said. AP/TLS

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15 COMMENTS

  2. Mr Waxman’s speculation is off the mark. The feds are raising the rates for an entirely different reason. Its economic and too lengthy too explain in this forum. The tax credit is being rallied in White House for extention, although it is truly effective in created buying momentum.

  3. How about interviewing other realtors in town once in awhile? Does PG have a monopoly on propoganda on TLS?? Give em all a chance! And,no I’m not a Realtor

  4. I agree . There are many lawyers, real estate and mrtgage people that have good advise and information to offer. Each with a different slant and innovation. It would be nice for the moderator to throw out an open question and let other professionals get the limelight. Lets hear from the guys (and g-ls) in the trenches and get an interesting conversation going!

  6. Freddie Mac posts a national average rate which not necessarily reflects the rate in the individual states. Try First Meridian I just got a great rate there.

  8. OK so everyone is running to buy now. So what happens next? They are saying rates will go up about a point or two .. Everyone ran to purchase now and last time the 8,000 credit was expiring. So factor all this in and anyone want to speculate where prices will be in a year? (W/o any 8k credit and trates up around 1.5 percent? If you can wait next year I say prices will be lower.

  9. Why hasnt the Tax “President” offered some sound advise to the oilam in understanding the current tax revalulation ? Lets see some real useful advise, not this boring scare tactic article.

  13. I bought a house a little while ago, and I got a great rate with Meyer Weiss from Fairmont Funding.
    He was a real Mentch throughout the entire process.

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