Mortgage Rates in 2013

Hi, it’s Jeff Sibbach…your hopefully, endearing host, here today with Matt…

Wait, can I stop you? You look really nice, glad you dressed up for me!

Well, I knew you were going to wear a suit because you do the whole “financial” thing.

That’s right. I gotta look like I know what I’m talking about.

Right, so I figured we’re trying to look classier as we grow, so, haha…


Anyway, Matt Baker, with the Bookspan Baker Team at Colbalt Mortgage is here to tell us what’s going to go on in the mortgage market for 2013. Let’s go with a “prediction.”

2013 mortgage prediction right now right here is…rates are going up. Does that suck? That kind of sucks. But I can tell you that rates are going to go up…and the reason…

Ok, hold on a second…we’re done with Matt…haha…oh, your going to give us the truth?

I’m going to give you the truth. Rates are predicted to go up a quarter to a half percent in 2013, right. And that’s all the statistics, all the analytics…

Is that because the economy might be getting a little better?

The economy’s better, right, the rates have been pushed so low for so long by the government.

Record lows.

Record lows like in the 3’s for so long now that the refinance market is kind of dried up. So people are starting to…rates are staring to creep back up. Just based on the fact that the economy’s doing better. Right, and if the economy does better, typically mortgage rates go up. They work kind of inversely, so if there’s a good day on Wall Street that usually means that rates went down, or rates went worse. So if people are taking their money out of Wall Street because the Stock Market’s crashing they usually put it in something safe and secure, that’s called a mortgage bond. Right, so that…

So the reason why rates have been so low is that it’s been pretty crappy out there…I think you all know that.

Correct. But now that the economy’s looking better, numbers are looking better, your going to see rates go up.

I know I saw 3rd quarter GDP was 3.1 that revised…and then funny, they showed the bond market well you know if was going up, so what your saying is…

Right, rates are going to go up.

So what do you want to do now? Well there’s a big distinction between a quarter of a percent in rate and how much you can qualify, so it’s really key that you go in and qualify now, and figure out how much you qualify for, because as rates go up, as you know, prices start to go up because you have low inventory now…

Their at 34 percent…

You know that stuff, I know the mortgage stuff, and if rates go up and home prices go up…

It’s called a “good investment”…

And some people may not be able to qualify so…

Oh agreed…

It’s worth getting them qualified now…

I tell people now, look if you don’t buy in the next two months the houses are only going to be more expensive, and now your telling me the mortgage rates are going to be more expensive.


Guess what? Time to buy now.

Awesome! Hey thanks guys! Matt, good stuff!

Alright, glad to help you out.

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