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Good News for Buyers- Interst rates are to DROP %1
Mortgage 101
December, 9 2008
Mortgage rates are falling
The housing market has been getting some relief with the lowering of mortgage rates, which is attracting new buyers to this market.
When the Federal Reserved announced that they would buy up $ 500,000,000, in MBS (mortgage backed securities), which will be guaranteed by: Fannie Mae, Freddie Mac, and Ginnie Mae; at which time the interest rate dropped down to % 4.5, one full percentage point.
This will have the following affect on our market
1. This make home buying more affordable to more people.
2. This will allow currently qualified buyer %10 more buying power.
3. This will allow the currently troubled home owner a chance to re-finance their property at a rate that has not been seen in many years.
This might just be the break that the housing market needs.
If you wish to discuss this rticle or any real estate relate topic. Please feel free to e-mail me at: Todd@LivinPhilly.com or contact me at: 267.243.3819.
You may also visit my mortgage calculator on my website: http://www.livinphilly.com/mortgage-calculator.php
Date: Tuesday, December, 9th 2008 @ 10:53:30 AM
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