Hello there,
Today we have some very interesting news out about interest rates and the future of them. The Federal Reserve has decided to keep purchasing mortgage backed securities (200 billion worth of them.) What this means to you as a borrower of money is that interest rates will continue to be kept artificially low. Also currently we are still at historically low interest rates for all 30 year fixed rate mortgages. So how long will this continue? Well according to the Wall Street Journal this should continue till March or until investors start wanting real rates of return on their money. Will it continue past that mark of March? Seeing that the real estate markets are so fragile and that the recovery currently is almost starting, except for the fact that the Foreclosure Moratorium was lifted, yes it may continue.
So what does this really mean to you? Time is really of the essence for a few reasons. One is that the Home Buyer Credit may not be extended, and if it is it will only be for a limited time as well. Two, once rates do move upward you will lose purchasing power. Three with the Foreclosure Moratorium lifted it will bring more investors out, which means prices may be inflated and over bid more than now( that means writing more offers.) So please take a moment to find out what's most important you and give me a call and your agent so we can make a game and make it happen. Thanks again for your time and I look forward to making you homeowner.
Please don't worry about the posting, next time I'll throw a twist in there to mix it up with life so it doesn't sound like a commercial. Thanks for reading again.
David
Comments(0)