From the Desk of Tony Demchak-Branch Manager
Greetings all. Rates have come down this week. Read on.
It appears my prediction is coming to fruition. We have seen rates fall this week by approximately .25% across the board. This is a result of economic data and sentiment continuing to fall. Commentators have been heard to use phrases including "worst" and "worse than I have seen in my career". The negative sentiment has now been bolstered by a fear of real inflation, the likes of which we have all been seeing as we fill up our tanks or stroll through the supermarket. The evil twins of inflation and slow growth make the direction in economic movements ahead quite uncertain.
The fall in rates today and yesterday has been precipitous and I am uncertain if it will continue to move in this direction. I will be working on proposals this weekend for all who could take advantage of the lower rates that are now available but how long any offer will be available is anybody's guess.
Most, if not all, of my current and previous clients are not in a state of urgency, but getting a lower rate could be of significant advantage. Though rates seem to have a bit of potential for further movement downward, timing the interest rate market is like trying to pick a bottom in the stock market. As I've said a number of times, you will never get the best rate- rates change, situations change, the market changes, the river is always flowing.
If you, or anyone you care about, is shopping for a loan please forward this to them. Have them call me and I will do all I can to help them while my help can be the most beneficial.
If you are considering purchasing a home in Maryland and want to be sure you are mortgage ready, my brother Tony and I will be happy to help! We help to make the mortgage process a pleasure!
If you already own your home, we are happy to provide a no-cost mortgage review to help you to determine if refinancing may be in your best interest. Please contact me at 410-960-2061.