Mortgage rates have climbed a bit this past week due to strong earnings in the stock market, which has pushed the dow over 10,000.  

On the other hand we are now seeing higher fuel prices, which is generally a strong inflation indicator and this is not good for rates.  In addition, jobs are still a problem; there is still a  perceived coming housing foreclosure glut; option ARM expirations are still on the horizon for next year; and some analysts foresee a coming meltdown of commercial real estate. 

What that all means is anyone’s guess but it probably means rates are likely to be trading within a narrow range and rising over the fairly near term. 

According to John Shapiro of Private Mortgage Advisors, “It is clear we have seen the bottom with rates so if anyone is still waiting they will probably need to wait forever.”

Current Rates are as follow:
Conforming Loans ($417 K and under) 30 year fixed:  5.25%
High Balance Conforming Loans ( $417 K to $729.75 K) 30 year fixed: 5.375%
Non-Conforming Loans (Greater than $729,750) 30 year fixed: 5.75%

These better rates for non-conforming loans bodes well for Saratoga homes for sale!