March 22, 2009

Mortgage Rates Tumble

Well, all the fed has to say is that they are going to buy 1 TRILLION dollars worth of Mortgage Backed Securities and Treasury Bonds, and look what happens. Mortgage rates drop by a 1/2 percent! How much is 1 trillion Dollars? Stacked flat 1 trillion dollars would reach 66 MILES up! Hard to imagine.

Whatever the technicalities are, mortgage rates are the lowest I've ever seen. We're talking mid 4's for a 30 Year Fixed. Combine that with the $8,000 tax credit and we have "The Perfect Storm" for purchasing real estate right now. It's also not so bad if you are looking to refinance either. Don't let this opportunity slip away!