Daily Real Estate News May 23, 2008
30-Year Mortgage Rates Drop
After four weeks in an upward trajectory, Freddie Mac reports that long-term mortgage rates are falling again. The average interest on a 30-year fixed loan settled at 5.98 percent this week, down 0.03 percent from the prior week. Rates on 15-year fixed mortgages, meanwhile, slipped 0.5 percent for the week to an average of 5.55 percent. Borrowing costs drifted slightly higher, however, on adjustable-rate products. Five-year ARMs bumped up 0.04 percent to 5.61 percent, while one-year ARMs moved up 0.06 percent to 5.24 percent.
Source: Chicago Sun-Times (05/23/08) Copyright Info Inc.
So what doest this mean for the Real Estate Market when looking at Panama City Florida Real Estate and Panama City Beach Florida Real Estate?
We are slowly getting back to a more stable point in the market. A lot of buyers today are not worried about just "where's the bottom" of the Panama City Real Estate Market, but also "I don't want to buy too soon and risk a higher interest rate." So when you are searching for Panama City Real Estate, one must ask themselves when is the right time to make a move. No one has a crystal ball, but what we do know is that interest rates, for now, are remaining flat to dipping to increasing slightly. Ensure that when you are buying real estate, whether in Panama City or Panama City Beach you are working with a qualified Panama City Real Estate agent and a competent mortgage agent or bank. They both should be able to help you with market trends in their respective area. Please visit us online at http://www.investsmarter.com/ or http://www.randbcoastalrealestate.com/ to view more homes and condos for sale in the Panama City Real Estate and Panama City Beach Real Estate Markets.
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