Mortgage

[emmajacob36]

Is it true that Mortgage rates go up in summer and come down during the end of the year?

Someone told me that Mortgage Rates usually go up in summer and eventually calm down during the end of the year. What do you say??

[kork13]

I do know that home sales normally dip in the winter months, because people are less willing to go out into the cold to wander all over unfamiliar neighborhoods looking at house after house. Cranky home buyers make for poor sales.

I suppose that could potentially have an impact on mortgage rates, but honestly I have no idea.

[bjl584]

Any seasonal changes are most likely negligible.

General rule of thumb is to buy a house when you are ready. 20% downpayment and a 6 month EF saved up. Interest rates and market timing should have no bearing on whether or not to buy a home.

[JoshuaHeckathorn]

Nope. In fact, rates dropped through basically the entire summer and are now heading back up.

[disneysteve]

I think rates are primarily influenced by fed policy, not season.

[nick__45]

Originally Posted by bjl584

Any seasonal changes are most likely negligible.

General rule of thumb is to buy a house when you are ready. 20% downpayment and a 6 month EF saved up. Interest rates and market timing should have no bearing on whether or not to buy a home.

Make that 12 months EF for a lower price house and 24 months EF for a more expensive house and we're in 100% agreement.