Historic Homes Blog

If you have been watching the interest rates lately, you have noted that they have been gradually creeping up. We did have a 1/4 point drop on Tuesday, but, by and large, rates have been on a consistent climb. As Laurie Manny has said, “Cheap rates may be a thing of the past” see http://www.longbeachrealestatehome.com/real-estate/Long-Beach-Mortgage-Information

Even with the new jumbo FHA, we are seeing buyers who just cannot qualify due to the interest rates.

If you or one of your friends are one of those who have been waiting to see the market “turn”, you might take note. The number of sales has been rising and the number of multiple offers is high and rates are rising. Sounds like a combination to push the prices up!!

Sales are really picking up throughout Southern California. We have seen this in Floral Park recently, and as I was reading Laurie Manny’s blog this morning, I noted that she also said things are really moving in Long Beach, see www.longbeachrealestate.com. Buyers have figured out that prices are at their lowest point in a long time and interest rates are beginning to rise. Those buyers who do not have their rates locked in may be surprised when they make a loan application.

Jeff Parks of Home Security Financial said he has seen a lot of volatility in the interest market right now, contact him at 714.809.3022 or jeffreyp@hsf.biz for more information rates and the mortgage market.

All that being said, this is the time to buy… before you miss the window of opportunity.