REAL ESTATE: Mortgage Rates Cool Slightly.

As July, 2007 comes to a close we see a slight cooling of the Mortgage Rates. I am quite sure that the softening of the housing market and the reduction in building permit applications were contributing factors.

The 30 year fixed rate fell to 6.69% in the final week of July 07, slightly lower than the 6.72% rate was this time last year.

The 15 year fixed rate was 6.37% in the final week of July 07, slightly higher than the 6.34% rate was this time last year.

The 5 year ARM, indexed to T-bills was 5.69% in the final week of July 07, slightly lower than 5.78% rate was this time last year.


When Is the Best Time To Buy & When Is the Market Going To Hit Bottom?????

You know folks, I have these questions posed to me all of the time. The truth of the matter is....no one really knows.

I can tell you this......this is a "Great Time" to buy....the Buyer has a considerable amount of leverage and buying strength at this time. This is not going to last.

I have clients tell me from time to time that "they are going to wait until the market bottoms out before they buy." I ask them "what if" the mortgage rates go up a point or so when your ready to buy. What then have you accomplished.........you saved some money on the front end and cost yourself thousands on the back end. I ask you?......does that make good sense?

Folks, a lot of people DO NOT take a close enough look at the financing end of their purchase. This is where the your money is made or lost, not that the purchase price is not important but there are other things to take into consideration as well. I guess this is my previous mortgage banking side of me coming out.

If you have any questions, please feel free to contact me at any time. I would love to hear from you.

You can check today's rates and get pre-approved at: www.EasternShoreHomeHunter.com


Have A Fantastic Day!


Michael


Michael W. Patterson

http://www.easternshorehomehunter.com

http://www.maryland-waterfront-realestate.com

http://www.michaels-realtytimes-newsletter.com

Patterson - RE/MAX Gold - Real Estate Update - July 2007

Here is a link to my "July Real Estate Update"

Click Here: http://www.michaels-realtytimes-newsletter.com/

This Newsletter is full of interesting and useful information that I think you will enjoy whether you are a buyer, seller, homeowner, or renter.

This month's issue includes the following topics:

• Wondering What Your Home Is Worth
• What Your Homeowners Insurance Doesn't Cover
• Current Interest Rates
• When Should Homeowners Jump In?
• Is Your Credit Card Debt. Keeping You Locked Out of Home Ownership?

Plus a roundup of June real estate activity as well as much more advice and information.

I hope that you enjoy this newsletter. If you should have any comments, please e-mail them to me. Or, if you would like to see a certain topic covered in the coming months, let me know that also.

Sincerely,

Michael

Michael W. Patterson

http://www.easternshorehomehunter.com/

http://www.maryland-waterfront-realestate.com/