Mariana Wagner

Colorado Springs Mortgage Info: By The Time You Read About Low Mortgage Rates, It Was Already Too Late To Get Them

Looking to buy a piece of Colorado Springs real estate? You may want to act now and take advantage of low mortgage rates…

Thursday morning, homeowners in different parts of the country awoke to find similar-sounding newspaper headlines:

The underlying story was that Freddie Mac’s weekly Primary Mortgage Market Survey showed the lowest, average 30-year fixed rate mortgage in its 38-year, rate-tracking history.

Once again, however, the headlines came too late for Colorado Springs homeowners.

Prior to Thursday’s market open, mortgage markets had already worsened from their record-setting levels.  Slowly at first, and then with momentum.  The shift pressured rates higher so that when lenders issued their Thursday morning rate sheets, most showed an 1/8 increase from Wednesday’s close.

The negative momentum carried into the afternoon, too, forcing a second increase of an 1/8 percent.

The Freddie Mac survey may have been accurate when the sun came up Thursday, but by the time the sun went down, it wasn’t even close.  It’s why you can’t do your rate shopping by watching newspaper headlines.  Mortgage markets are volatile and rates often change without notice.

Thursday, they did it twice.

[Information provided to the Colorado Springs Real Estate Connection courtesey of the mortgage and real estate professionals at Bring the Blog.]

April 4th, 2009 by Mariana Wagner | Leave A Comment

This entry was posted on Saturday, April 4th, 2009 at 4:52 pm and is filed under BUYERS, Foreclosure Information, Mortgage and Finance. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.

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