Keeping an eye on St. Cloud mortgage rates is a useful pastime for anyone who tracks local home sales because of the immediate effect they have on affordability. It can’t get much more immediate than the “projected monthly payment” numbers that calculators come up with alongside an online listing. Those instant calculations include tax and insurance estimates, but those change rarely. The mortgage rates, are always on the move.
Last Thursday, the Washington Post’s headline ran above a photo of Freddie Mac’s massive DC headquarters:
“Mortgage rates fall amid fears of rising inflation.”
That kind of news is always good for St. Cloud home buyers and sellers. Not the “rising inflation” part, of course—but the other part. Lower mortgage rates mean better bargains for buyers who become motivated to strike a deal sooner rather than later.
But then, Friday afternoon brought Bankrate’s headline:
“Mortgage rates increase for Friday.”
Anyone accustomed to following the mortgage interest rate gyrations wouldn’t have been surprised. It meant that the mortgage rate yo-yo was behaving pretty much as expected. Logic indicates that The Post’s inflation fears had probably not disappeared overnight, so their reasoning behind Thursday’s move had likely been overly presumptive. (When rates rise or fall, writers don’t like to admit there’s no story explaining why).
The reasons behind the up and down were probably elusive—something like the normal ebbs and flows of national and international capital flows. If anyone has ever been able to sort all that out, they’re keeping mum about it.
It does seem that St. Cloud mortgage rates are beginning to follow a more predictable pattern than has been true for a while. Despite daily ups and downs—which are usually pretty microscopic—the drift has been gradual but notable, and supports two reasonable generalizations:
St. Cloud mortgage rates are drifting upward. A chart would show that, when you step back and ignore the day-to-day ups and downs, except for a divot in mid-December, the trend has been slightly skyward since the middle of November.
St. Cloud mortgage rates are still a bargain by all historical measures.
What this means for prospective buyers as we enter the spring selling season is, in short, pretty good news. Buying now means locking in St. Cloud mortgage rates that are still historically affordable.
But first things first—the right home has to be found, and the right price agreed upon. That’s where giving me a call comes in!
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"When we were negotiating on the house we bought, there was the moment when we had asked for some repairs and the sellers didn't particularly want to provide them. Scott had to call my husband and I separately to figure out thoughts, and did manage to successfully close the negotiations. We were about at the end of our rope, and he seemed to be able to understand where things were hung up and resolved them. We enjoyed working with Scott to find our house. He was very knowledgeable about the areas, which was very helpful as we were moving from outside the area. He was also very responsive to our needs when the market was moving very fast, and was great with the negotiations to close on our house. We enjoyed working with him!"