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Mortgage Rates Up

January 14, 2013

With a new year comes a new economic environment.  Unemployment is down; we’ve veered clear of the fiscal cliff; and the stock market is doing great today.  But if there is one thing the economy is not, it is stagnant.  The more things change, the more they change.

We in the real estate business (Realtors and lenders, alike) have been saying for a couple of years now that the mortgage rates can’t get any lower and, sure enough, it now appears they are beginning to climb.  You can read more here, as Inman News reports it: http://freddiemac.mwnewsroom.com/press-releases/30-year-fixed-rate-mortgage-averages-3-40-percent-otcbb-fmcc-973023.

Is this cause for alarm?  I do not think so.  Fluctuation is completely normal and it would be unreasonable to think interest rates would stay so low.  It does mean, however, that your money won’t go quite as far or buy quite as nice a home as it might have this past summer.

All the more reason to buy now!  If you need help with that, give me a call!

Patty Cunningham, Realtor
Coldwell Banker Preferred
O.        610.363.6006
C.        610.659.4669
Lic # RS294054

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