Happy Friday!

Well, the latest round of trillion dollar stimulus plans was announced this week and didn't quite have the effect on mortgage rates the media would have you believe. The good news is that conforming rates should remain in this sub-5% range for the immediate future.  From a buyer's perspective, the current market is amazingly enticing for several reasons:

• Prices down from their highs in most areas and starting to show some signs of stabilization
• $8,000 tax credit for 1st- time homebuyers (the IRS intrepretation includes buyers who have not purchased in last 3 years!)
• Current record low interest rates (under 5%)

Regarding this last point, these low rates are huge in context of where rates are most likely headed in the next couple years and very likely, well beyond that.  This is a huge selling point to those "fence-sitters" that are waiting for that ideal time to buy.  No one can time an exact low, but the high likelihood of mortgage rates being much higher in the years to come should be a huge impetus to buying now.