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ArticlesMortgage Rates Approaching Historic Lows (02/01/08)Have You Heard the News? If you’ve been busy like me, you may have found it hard keeping up-to-date with all the information out there. Since real estate is my primary focus, you can depend on me for the all the latest information if you are buying, selling, or just enjoying your current home. Do you know that the Federal Reserve cut the target interest rate 1.25 percentage points over the past 2 weeks? The target interest rate is now set at 3% and has the potential of dropping even lower. These rate cuts will benefit home buyers, home sellers, and home owners. For the home buyer, now is perhaps the greatest time to buy. Cuts in the target interest rate can result in decreasing mortgage interest rates for your future home. This means you can either buy more house for the money or buy your ideal home with lower monthly payments. For the home seller, drops in the target interest rate and the resulting drop in mortgage interest rates leads to more buyers on the market. In the last couple weeks home loan purchase applications have increased 10%, resulting in a definite increase in home buyer traffic. Lastly, for the home owner looking to stay in their current home there isn’t be better time to refinance. In the last couple weeks, spurred on by the interest rate cuts, home owner refinance applications have increased over 90%. Don’t miss out on this great opportunity to potentially lower your monthly payments and/or consolidate debt. Don’t hesitate to call me, if you have any questions about how these drops in the interest rates can help you. I can answer your questions on buying or selling a home and I have a great team of mortgage consultants that can answer any questions you may have on refinancing your home. |
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