I recently read an article in the Washington Post that revealed an unexpected anomaly that is occurring from the recent selling-off of stocks due to the debt ceiling debacle that our partisan government just put us through. And, the great news is ... this is a positive effect for home buyers waiting to "pull the trigger" on purchasing that next home!
This silver lining, quite simply, is the lowering of interest rates for mortgages. The rates weekly average has dropped to its lowest point this year at 4.39% for a 30-year fixed mortgage. This may very well be one of the only positive effects of this market change as the Market, DOW Jones, Retirement Plans, all are taking big hits.
Investors are shying away from the markets also, searching for more secure lifeboats like the US Treasury (if that makes sense - with the US's rating lowered from AAA to AA+).
A senior analyst for Bankrate.com, Greg McBride was quoted as stating "...thinks interest rates will remain low as investors continue to shun risky assets."
Although this decrease will surely be followed by the impending and oncoming increase in rates, I believe now may be nearing that last chance to take your foot off the brakes and take advantage of the situation.
Like the old saying goes..."When you get lemons...just make some lemonade!" It's hot here in Arizona! And, this silver lining is like a lovely tasting sweetener in some good ole' lemonade...for sure! So, get your glasses full and enjoy before the lemonade is gone.
Contact us at The Dream Home Team to help you sell or buy your next dream home courtesy of this new limited-time sweet lining.
Thomas
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