Mortgage interest rates are on the move again, and are only going up but the question that many Bend Oregon home buyers have is how high can they go?
The answer to this question is anyone’s guess but, if you were old enough to remember the early 1980’s you will remember that back in 1984 the average mortgage interest rate for a 30-year fixed loan was 13.88 percent so even though the current mortgage interest rate for a 30-year loan has reached 4.37% it can only go up thanks to an improving economy and huge demand for homes across the United Sates.
Optimism For 2013
Mortgage brokers, Bend Oregon Realtors and local economists all feel that we can expect the fast paced buying and selling of homes in Bend and across the United States to continue for the rest of 2013 and well into 2014 thanks to more jobs, low mortgage interest rates and lenders making it easier for buyers to obtain credit than in the previous five years.
Mortgage interest rates declined from 4.51 percent to 4.37 in recent days but it’s still one of the best times in the last 40 years to apply for a mortgage loan, especially when you consider that mortgage interest for a 30 year loan were at 10.13 percent back in 1990.
Single Family Home Construction Increases
Thanks to recent news from the United States Commerce Department, we know that permits increased recently for single-family homes in Bend, and across the United States, in recent months and this is great news because, it’s the highest demand for homes that we’ve seen in the last five years.
It’s also a great time to invest money in other markets, especially Treasury Notes as the 10-Year Treasury Note is at 2.49 percent, from 2.53 percent thanks to recent comments by Ben Bernanke that he doesn’t plan on making any cut backs on their bond purchases.
To learn more about the latest Real Estate news, or to view the latest Bend Oregon homes for sale, contact me today by calling: (541) 383-1426.