Here is the thing, mortgage rates are great, both in an obvious way and in historical fashion. But does that matter to a consumer or client like yourself. We know Cash is King right now per foreclosures and in negotiating the best price on a property...but let's not neglect the benefits of borrowing money.
Frank McGinnis at Bank of Amercia in myrtle beach, sc sent me this email today:
"OVERVIEW ~ Interest rates faced a nearly perfect storm in the week beginning November 23 and ending November 27. Several important forces drove a greater demand for safe-haven investments, and in the week ending November 20, stock market trading volume had already declined significantly, indicating an increased reluctance among investors to take on further risk. By Thursday, November 26, the Freddie Mac average 30-year fixed rate mortgage declined to 4.78%, down from the prior week's average of 4.83% and considerably lower than the 5.97% average a year ago."
Rates are low...but of course the major concerns are can you qualify for a loan, and more importantly (or maybe 2nd important) is can the property qualify for a loan??? Those are the big concerns because though money is cheap right now to borrow, banks are not wanting to give it out, and alot of properties (and people) are not meeting the new bank lending standards to receive a loan at a great rate!
To sum up, cash is still king, money is at a great rate to borrow for those who can, and TO ALL THE Banks: PLEASE START LENDING THE MONEY AND HELP OUR ECONOMY!!