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"Extra..Extra...Read all about it!!!"
Big news in the mortgage market yesterday and today...the 30-Year Fixed Rate Mortgage is pricing below 6%!
That's the lowest level we've seen since October 2005; that's (2) two full years ago!
It seems rates are all ready hedging downward in anticipation of yet another Rate Cut by the Fed come December 1th's FOMC Meeting. Here are some of Bernanke's comments per the Charlotte Business Journal:
"At the Fed panel's Dec. 11 meeting, the committee will 'have to judge whether the outlook for the economy or the balance of risks have shifted materially,' Bernanke said. The Fed will remain 'exceptionally alert and flexible as we continue to assess how best to promote sustainable economic growth and price stability.'"
Now I know what you're thinking..."if I wait until 2008, I'll get an even lower rate!"
Believe me, I've sat at the poker table too! You know...when you're getting all the cards and winning all the pots! Raking in all those chips! You're on a rush...nothing can go wrong!
You flop trips...you win the pot!
You turn a flush...you win the pot!
You river a full house...you win the pot!
And now...that's a Royal Flush...[The tune of Viva Las Vegas plays in your head!]
Well, A Word of Caution: it's the same Gambler Mentality that leaves people broke at the table. You think nothing can go wrong...just one more bet. And before you know it, you've lost all your chips! As a fellow colleague of mine says,
"Tomorrow only comes sometimes, but today is always here." -- Dan Green
Let's talk about why getting a mortgage Today would be a good thing...
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