4.5%
?!?!?
HAVE YOU HEARD ALL THE BUZZ ABOUT THE INTEREST RATE?
Now bear in mind that I am not in the Mortgage Industry but it seems that there has been some
interesting news(no pun intended) going on today about the interest rate going to 4.5%!
According to the Wall Street Journal the US Treasury Department is in the developmental stages of a plan working with Fannie Mae and Freddie Mac to encourage banks to lower their standard 30 year fixed rate mortgages to 4.5%. According to the Primary Mortgage Market Survey the current average rate is 5.53% which makes that almost a full percent drop!
If in fact this does happen the lower interest rate would only be available to borrowers who are purchasing a home but not to those seeking to refinance their existing mortgage. The borrowers would need to qualify under the guidelines of the Fannie Mae, Freddie Mac or FHA based on their current credit, income and debt ratios.
According to FOX News "The goal is drive mortgage rates so low that home prices not only stop falling but begin to rebound," said Greg McBride, senior financial analyst at Bankrate.com.
Like I said this is the BUZZ and another post just came out onCNBC Reality Check with Dianna Olick which puts this in a different perspective as to the fence sitters waiting on this to happen.
What a vicious circle we entwine! Waiting on the rates to change is never a good reason to put off buying a home. Yes they may change....and then again, they may not. If you need to buy a home then get with a lender and get pre-qualified and find a Realtor you like and trust and get out there and start looking. My advice to you is Now is the Time for YOU to BUY a New Home! And the flip side of that coin is that maybe, just maybe we will find the home of your dreams and at that magical time when you need to decide to lock down that rate it might just be at 4.5%! But in the grand scheme of things 5.5% to 6% is a GREAT rate too!
Don't have a lender? Give me a call....I can put you in touch with some of the finest Mortgage loan officers in our area.
And we can put on our SHOPPING shoes and get busy finding that house that is just perfect for you!
You see, there are lots of great homes out there to look at that are priced really well!
And while we are keeping ourselves busy we will keep our ears open
and if by chance that 4.5% Interest rate comes available
We will be ready to LOCK it down and if it does not........
We will have found the house of our dreams at a great price with a great current
interest rate and are ready to move in to our NEW HOME and Enjoy life!
I have my shoes by the door! Give me a call so we can get started!
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