Are Interest Rates Going Up?

A few people have asked me if interest rates are going to stay low or start going up. I hope this information, courtesy of Axiom Financial's "Market Watch Report" for the week of January 23, 2011, will help answer that question.

Long-term mortgage rates ticked up slightly as some relatively good news came out for the housing market. While the housing market continues to struggle, every small step is one step closer to a full economic recovery. Existing home sales climbed 12.3% last month, with inventory levels dropping to 8.1 months of available homes at the current rate of sale.

This week could be an interesting week for mortgage rates. While we may see some upward pressure on rates from last week, we have a few significant items that could push rates further upward. The Fed meets again, and will release its policy statement on Wednesday. While no rate change is expected, a shift in the Fed’s stance on the economy, to a more positive position, could help propel mortgage rates higher. Additionally, the first GDP estimate for the last quarter of 2010 is due. If GDP comes in higher than 3.6%, we should see mortgage rates moving higher as the week ends. Of course, if economic data this week disappoints, mortgage rates will trend back downward.

Current Mortgage Rates:

30-Year Average Rate: 4.74%

15-Year Average Rate: 4.05%

For more information, please click on the image below:

Or visit www.FreddieMac.com.

What is the Real Estate Forecast for 2011?

Hello Friends!

Many people have been asking me what we should expect from the Real Estate market over the next year. The good news is that it looks like the worst is over! According to Coldwell Banker's Reality Check,

“The job market is improving, pent-up housing demand is growing, foreclosures have crested and the decline in home prices has narrowed; all signs that the worst is over. For the most part, declines have run their course, markets have stabilized—albeit at very low levels—and conditions for a recovery are in place.”

We’re anticipating that over the next year we will see small increases in both home sales and median home price as the housing market and general economy struggle to find their sea legs. "

Click on the graphic below to read the full article.

So what does this mean for you? If you are one of the many people who have been considering buying a home, but are waiting on the sidelines before jumping into the game, now is a GREAT time to buy! Interest rates are still low, but are expected to start rising again soon. Home prices in Utah County are about as low as we will ever see them, so if you've been waiting for the perfect time to buy, that time is NOW!

Not sure where to start? Call or email me for information about our first-time home buyer's class that we will begin teaching here at Coldwell Banker. I am happy to help you or someone you know in any way possible.

I hope your 2011 is begun with a great start! Its up to YOU to make it the BEST year ever!

Thanks for visiting, and have a great day!

-Valerie

Welcome to my Blog!!

Hello, and thanks for visiting my blog!!

I've had lots of friends ask me questions about real estate, so I thought I would start this blog to answer some of them. Chances are that if you have a question about real estate, someone else has probably had the same question, so feel free to ask me anything! I know the title is a little cheesy, but I wanted a name that would be fairly easy for people to remember and that included my name.

I have worked in the Real Estate business for 7 years now, and have enjoyed all the opportunities I have had to help people achieve their dream of buying a home. If you or any of your friends and family have thought about buying a home or investing in real estate, but aren't quite sure where to start, please don't hesitate to contact me. I am happy to help in any way.

Feel free to email me at RealValuesByVal@gmail.com with any questions, or post a comment and I'll answer you as soon as I can.

Thanks for visiting!

-Val