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.