What Direction are Mortgage Rates Headed

This past week current mortgage rates hit 4.61 percent in a mortgage survey released by Freddie Mac. Today’s 30 year mortgage rates are even lower, I just saw a 30 year conforming mortgage rate at 4.00%! Can you believe that rate? Yes, you did have to buy down the rate with 2 mortgage points but if you are going to live in your Las Vegas home for a long time it makes sense to buy down the rate.

Home prices Vegas and mortgage rates today are so low right now owning a home in the city is more affordable then it ever has been. I also see the future direction of mortgage rates going even lower than they are right now, especially if the economy slows down even more. We might see 30 year conforming mortgage rates at 4.00 percent with no mortgage points.

There are micro-economic issues and macro-economic issues going on right now that will keep mortgage rates low in Vegas. Combined with home prices that are down over 50% makes buying a home or condo right now a win, win situation.

Home prices won’t be going up anytime soon so don’t treat your home as in investment like to go-go years of the 2000′s. Instead just think of your home as home. When you retire in 30 or 40 so years you’re home will be paid off and probably worth more than you paid for it.