Rate are going down!

Currently the mortgage rate environment is in the midst of quite a rally. Over the last week rates have plummeted following the Fed's announcement that it will buy debt and mortgage backed securities from mortgage finance companies Fannie Mae and Freddie Mac. This news has caused rates to drop over 1/2 percent in the last week. For current rates check out www.bankrate.com.

This is good news for buyers, sellers, and even current owners. Buyers can afford more house for their money and may now have the confidence to buy. Sellers may see more buyers out in the market and loan approval may be higher for buyers. And, current owners may be able to refinance saving hundreds of dollars a month in payments. In a recent discussion with a mortgage lender, she mentioned a no points, no closing cost refinance where the bank pays the fees. With no additional out of pocket costs and a savings of hundreds a month, it's a no brainer!

If you would like more info give me a call and I will put you in contact with a great lender to help you out.