With the Federal Reserve cutting the prime interest by a half percent to 3.0%, the real estate stands to benefit soon with lower mortgage rates.  This second cut in two weeks is a serious push to stimulate the retail sector.  I'm optimistic we'll see a reflection of the lowered rate in the next couple weeks in the mortgage industry.  In my experience it is January and February that typically has the lowest mortgage rates.  It's a great time for buyers to take advantage of the lower rates to increase their buying power.  Who knows how long this could last?  Usually by spring the rates inch up again when the housing market gets into full swing.  A reward to the brave buyers who are willing to move during the frigid Michigan winter.

Buyers, if you're out there (and I know you are scarce in Michigan right now), the couple weeks will be the time to shop.  Be ready to jump on a property and lock in your rate.  Now is the time to size up the housing choices to rank your top picks.  Then keep your agent and lender on the alert for a quick move when the rates hit bottom.

Contact me for more.

 
This post has been included in Michigan Real Estate News

0 Comments on Kudos to the Fed today
What does the graphic say?
Leave a response…

(optional)
Spam Prevention:
 

JAY PEKALA, Burns Park/Ann Arbor Expert

Ann Arbor, MI

More about me…

Edward Surovell Realtors

Address: 3260 Washtenaw Ave., Ann Arbor, MI, 48104

Cell Phone: (734) 646-6369

Email Me

Everything related to the Burns Park neighborhood and nearby area: news, activities, homes for sale, sales history, market trends, and more. Guests are welcome to post information on upcoming events, ask questions about the area, suggest topics for discussion, anything for the benefit of the community.


Links

Archives

RSS 2.0 Feed for this blog