Mortgage Rates Climb Applications Fall
If you were thinking about refinancing your mortgage and been dragging your feet (or maybe your bank has been), refinancing may be less attractive than it was a week or two ago. The 30 year fixed rate was about 4.81% last week. This week it has jumped right around 9% up to 5.25%. Granted this is still at a historically low level, but if you were meaning to lock in a low refi rate, you may want move quickly. There are still some banks out there with low rates, just make sure you crunch the numbers and take into account the closing costs and/or points the lender may be charging. As usual, Bankrate is a good place to start your search for the lowest national and local rates.
Now that subprime has left the front pages of the newspapers, media outlets everywhere are looking for the new "it" thing to worry about. With inflation always a concern it seems that housing and inflation are going back and forth as the things that CNBC sound the alarms about most frequently. So what markets are on fire and which are making sellers nervous?
