The unemployment rate catches the attention of the nation as the national average tops 8.1%. Mortgage interest rates fell below 5.00% to 4.75% in the Seattle markets. But the question will rates go lower remains? With the Dow Jones industrial average down 55% since 2007 and the worst unemployment rate in 25 years how much more bad news can still come? Many opinions say that more is still to come, which could be true, BUT we have to take a look at rates, there is clearly a floor of resistance and also a ceiling of resistance. We encourage all of our readers to view another posting to explain why rates continue have this range of trading.
Also announced today is the new loan opportunity which will allow home owners to refinance up to 105% loan to value. There are many details still to be released as this is fresh off of the press. This comes in relief to many who have adjustable rate mortgages who are not able to refinance currently due to declining home values. We will be posting more information next week to bring home owners up to speed and gear them with the information necessary to take action.
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