The Federal Reserve announced today that over the next year (18 months at most), they will be buying up mortgage-backed securities to the tune of $500 billion.
This is what the Fed had to say in a statement, per a Bankrate.com article,
"This action is being taken to reduce the cost and increase the availability of credit for the purchase of houses, which in turn should support housing markets and foster improved conditions in financial markets more generally."
What a nice Thanksgiving-week treat! Rates have immediately dropped today, and are likely to drop slightly over the next few weeks barring any unforeseen financial collapses or other major news. If you are currently in the market for a home loan, experts suggest you lock in your rate to take advantage of the recent drop. 30-year mortgage rates are back below 6%.
If you are interested in purchasing real estate in Massachusetts, feel free to contact me to discuss what this will mean for your prospects. While I am not in the mortgage industry, I can assist you in shopping for loans and finding an advantageous rate with few or no junk fees, and I know the questions to ask any potential lender.
call 800.25.BUYER (ask for John) or email me
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Great post. This past week I was able to lock a client at 5.375 on a 30 year fixed loan. The reality is that rates are important but in todays ever changing lending rules the client should pick a mortgage professional that is educated and desires to educate their clients. Anyone reading this blog please review my profile on linked in
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