Renae Stucki Realtor is always watching the markets and paying attention to anything that could cause fluctuation in the mortgage rate and right now, there’s a lot happening on the world stage that could do that.
Russia had its credit rating lowered to just barely above investment grade today. Because of the situation in Crimea, investors are pulling billions of dollars out of Russian companies and investments. With the threat of economic sanctions looming overhead, Russia is no longer a safe bet financially.
Such a huge move against a country the size of Russia usually causes major movement in the market and you can see a lot of selling and buying because of it. But oddly enough, there’s not a lot of movement in the mortgage rate. That’s holding steady beyond it’s normal daily gains and losses (which are normally in increments around .001%).
However, it should be noted that even at the average of 4.375%, it’s over a point higher than the 3.225% we saw at this time last year. The 4% range is still an excellent rate and it’s worth looking at if you’re thinking about buying. Let’s be cautious though… With an increase of over 1% happening in a year, it won’t be long before you’re seeing rates in the 5% and then 6% range.
Call Renae today and check out some of the great options we have for you. There are exciting builders and even more exciting options for housing in the Southern Utah market.
