Mortgage Interest Rates Are Not Going to Stay This Low Forever
(Lake Tahoe Real Estate Blog / April 27, 2010 / Richard Bolen)
There is still time to get a 5% mortgage, but yesterday's CNNMoney.com article says the window is closing.
The reasoning behind the article cites the government will stop buying mortgage-related debt on April 1st, which will propel mortgage interest rates to start slowly rising.
Since November 2008 the Federal Reserve has snapped up $1.25 trillion worth of mortgage-backed securities — essentially, people's mortgages bundled together and sold to investors.
The program has kept interest rates artificially low over the past year, with the price of a 30-year fixed-rate loan ranging between 4.93% and 5.09%, according to mortgage giant Freddie Mac.
Continue reading "South Lake Tahoe Real Estate News: Can You Still Get a 5% Mortgage?" on our main blog.
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