URGENT - Mortgage Interest Rates are on the RISE - April 1, 2010

Mortgage prices have been hit hard this week, largely on signs that manufacturing is expanding in the U.S. and abroad.   This morning the Institute for Supply Management factory index was reported at 59.6, which exceeded even the most optimistic forecasts.  The reading was the highest level for the index since July 2004.  Yesterday marked the end of the Fed’s mortgage-backed security purchase program.  Most market participants believe that other traditional mortgage investors will fill the void left by the Fed.  Tomorrow, the all important Employment Report will be released and we will see if the improvement is manufacturing is translating into the creation of new jobs.  

Translation – Rates have been going up the last week or so.  If you're a potential buyer on the fence... now is the time to buy, because terms aren’t getting any better. Put in a contract by the end of April and you may qualify to recieve $8,000 from ole' uncle sam!

For the Myrtle Beach area Real Estate experts, call Jake Lee 843-240-0431

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