August Home Mortgage Rates
August Home Mortgage rates
Finally rates are back down to where they were pre summer when rates were 4.91%. Rates should help bring buyers back into the market to absorb some of the growing inventory. Clearly the market for real estate has a long way to go despite some of the overly optimistic expectations by over paid economists.
Having lived through the real estate recession in the early 1990’s it took until 1995 before we actually felt some stabilization in the market. It took another 3 years before many people stopped feeling sorry for real estate professionals for being in such a sluggish industry.
This round will require easier financing before we start to see a recovery. Did someone just ask my opinion? Well I thought so. Having lived in the trenches of real estate for the past 22 years I’ve learned to hear the pounding hooves of buyers by putting my ear to the ground. Right now the pounding is very faint. Most residential markets around the country are hurting and will soon be joined by the stampede of commercial foreclosures that are starting to hit the market.
There is still quite a bit of life out there . Even though Lowes and Home Depot reported reduced second quarter profits they still are producing billions of dollars in revenue.
Having seen this movie once before I look forward to the amazing opportunities during the next few years. Certainly reduced August home mortgage rates are a step in the right direction and should provide some needed stimulation.
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