This week's rate report brought to you, as usual, by Kristi Collins of Coldwell Banker Home Loans. You can reach Kristi at 602-750-8594.
This isn't to say I don't use and love other lenders. Shailesh Ghimire, Larry Cappalletti, Joey Fenwick of Indymac Bank (602-863-0067) and Jeannie Bolger of Wells Fargo (602-550-8674)are all lenders I recommend highly.
6.30% - Conforming 30 year fixed
5.40% - Conforming 5/1 ARM
6.75% - Jumbo 30 year fixed
5.80% - Jumbo 5/1 ARM
"CUTS LIKE A KNIFE, BUT IT FEELS SO RIGHT" - Bryan Adams and financial pros will tell you it's wise to never try and catch a falling knife. Seems like decent advice in general - but in the financial world, it means that when the price of a Stock or Bond is in the midst of a severe decline, be very cautious about stepping in to buy...even if it feels so right because the price starts to look cheap.
That's because when prices declines sharply, it often gets even worse, making it hard to call the bottom. That's why many investors, who attempt to buy on the way down, say the feeling cuts like a knife. And over the past week - Bonds have been dropping much like a knife, and home loan rates have risen by about .25% across the board.
Don't try to time the market or catch the knife of falling home prices. Nobody rings a bell when we get to the bottom! If you're emotionally ready to be a homeowner, have good credit, and plan to stay 5 years or more, buy now.