Mortgage Rates - Down!

By
Real Estate Agent with Allen Tate Realtors, Fort Mill, SC

Here's a good trend: Mortgage applications are up! 

The latest news in the mortgage industry is just this - Mortgage Rates are down and are the lowest they have been in years.  And according to veteran banking analyst Richard Bove, housing prices in the United States should begin to rise and/or stabilize. 

Mortgage rates are tumbling and mortgage applications are picking up.  There is news also of some banks rehiring personnel that were recently laid off. 

The Mortgage Bankers Association (MBA) said its mortgage applications, which includes both purchase and refi loans, for the week ending Dec. 19 rose 48%.  This is the highest reading since July, 2003! 

Much of this news is due to the recent November 25 announcement by the Federal Reserve. They will be purchasing up to $100 billion in debt from Fannie Mae, Freddie Mac, and Ginnie Mae.  In addition, they will be spending another $500 billion on mortgage-backed securities.  This decision will ensure that these relief funds will provide more funds for mortgages. 

Even though the actual purchases have not yet occurred, just the NEWS of the purchase has increased confidence within the industry.  If you've been on the fence, now is the time!

To determine a mortgage payment, you can log on to my website at www.kellyacahill.com.  Here you'll find an easy to use mortgage calculator. 

Comments (1)

Trey Affolter
Keller Williams Realty - Tacoma, WA
Brings HOME Results!

- interest rates sure makes it more appealing for home buyers & owners considering refinancing and should motivate them. In the article Time to Get Off the Fence and Into a Home, the same message comes in an atricle from NYTimes.com offered by Your Money. Another source with this message was from Smart Money, Time to refinance -- or buy a home? Good information to pass on to our buyers.

Happy Holidays!

Trey Affolter

http://www.treysellshouses.com

Dec 27, 2008 03:00 AM