Posted By:
CJ Harrington
cj@cjharrington.com
www.cjharrington.com
440.336.0612
Keller Williams Realty
2009
In light of all the doom and gloom over the last twelve months there is good news for the Real Estate market and the lending industry. The good news for homeowners and prospective homeowners alike is that mortgage rates have dropped to their lowest in more than three decades as the government has stepped up efforts to revive the housing market. The average rate on a 30 year fixed rate mortgage tumbled for a ninth straight week. That's the lowest on record, according to data that goes back to 1971.
The Federal Reserve is buying $500 billion of mortgage backed securities in an attempt to lower mortgage rates and curb the housing slump. With that said, we will likely see the lowest rates in our lifetime during the first two quarters of 2009 just in time for the home buying season. Now is the time to take advantage of this once in a lifetime opportunity.
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