market snapshot: Fed Drops Interest Rates - Now is the Time To Buy Real Estate
- 12/22/08 03:34 AM
Supported by the Federal Reserve's recent decision to cut its overnight federal funds rate to a range of zero to 0.25 percent, the 30-year fixed rate mortgage hit a 37-year low last week reaching 5.17 percent. Trade-up or scale-down buyers are free to move into an exciting new home or condo, making more starter homes available for first-time buyers. The advantage goes to the buyer when there are more homes for sale. In a market where the inventory of homes is growing, the competition between buyers increases and gives buyers more options. More competition is not a problem if the (0 comments)
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