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Mortgage Rate Bingo?
I was chatting up one of my favorite mortgage guys today, while on my way to meet with a client. I asked him if he had heard anything about yet another interest rate drop from the Feds. The rumor mill is churning...
He had an interesting comment. "While the Feds are doing this to stimulate the economy, and help the American public to help themselves out of the pathway of a future recession...it is counter-productive for Realtors and for their clients who are fence-sitting and just waiting to see just how low they will go."
I'm thinking he meant that while Buyers are playing a game of "Mortgage Rate Bingo" waiting for that elusive winning combo...their dream home is being bought by someone else or taken off the market or sold on the steps of the courthouse.
Then there is the "domino effect" of selling your home to the next guy, that allows him to sell his home to the next guy, that allows him to sell...you get the picture. >
I hear-tell that there was a time when interest rates were actually double digits and mostly in the high teens...and Realtors were still writing contracts. So you need to ask yourself...Is it really worth ... more

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