Minnesota FHA Mortgage Rates Improve

Minnesota mortgage rates have seen a little improvement at the end of this week. Both the Minnesota FHA and a conventional 30 year fixed Minnesota mortgage are at around 5.25% (apr 5.672). Minnesota Mortgage rates were higher earlier in the week and have come down by about .375% since then.

Fewer Minnesota Foreclosures On The Market

According to a recent report by the National Association of Realtors, NAR, the number of foreclosed homes for sale in Minneapolis, Minnesota has seen a steep decline since one year ago. If you haven't heard, Minnesota is one of only 6 states that have seen the number of home sales rising. This coupled with the fact that Minnesota mortgage rates are still very low and as recently as 5 weeks ago, the Minnesota mortgage rate for a 30 year fixed mortgage dipped below 4.5% are possible reasons for the supply of foreclosed homes in Minnesota going down.

There are still a ton of great deals on the market, especially for the Minnesota first time home buyers, who are still eligeble for the $8,000 tax credit. If you are a Minnesota first time homebuyer you may want to start getting serious about buying a home as the $8,000 tax credit is set to expire on November 30th, 2009.

For free access to Minnesota MLS listings visit www.mnonlinemls.com. For more information contact Dominic DesMarais at 612-247-8233.

Minnesota Mortgage Rates Dip

Minnesota mortgage rates have seen a nice dip today which is good because as of last Wednesday, the 30 year fixed rate mortgage in Minnesota hit 6% for a brief period. Today, Monday June 15th, you can find a 30 year fixed Minnesota mortgage rate at around 5.375% conventional (apr 5.893%) , or 5.375% FHA (apr 5.936%). Again, these are very good rates and they may go up or they may go down so if you can afford the home you want at these rates, you may want to contact a Minnesota mortgage broker and lock your rate.

For more information contact Dominic DesMarais at 612-247-8322.

Minnesota Mortgage Rates Won't Stay Low Forever

Minnesota mortgage rates have been on the rise lately but it' not to late to lock into a great rate. A few weeks ago, the 30 year fixed rate was at about 4.625% and if you can believe it, there were still a lot of people who said they wanted to wait for a lower rate. Sometimes greed can cost you big time!

Today, June 11th, the Minnesota Mortgage rate for a 30 year fixed is at about 5.625%. I can all but guarantee you that if the rate gets back down to 4.625%, those people who wanted to wait are going to jump in in a hurry. Problem is what will they do if the rates keep going up?

Bottom line is this, no one can time the bottom of the market and if you think you know someone who did, it was luck. I'm not lucky enough to gamble and if your like me, the best way to shop for mortgage rates is know your budget and lock your mortgage rate in when you get to a house payment you can afford. Trying to time the market is for Gamblers, are you a gambler?