We have all heard the talking heads on TV chatting up how the government is goint to drive interest rates down to 4%. The reality is that the government is purchasing mortgage backed securities to the tune of $5 Billion dollars a day on average but this only represents a small portion of the actual market. Interest rates today are at 38 year lows, which is a cold hard fact, the holy grail of the 4% interest rate may never come to fruition and while waiting for this speculation you may lose tens of thousands of dollars in interest expenses due to poor advice. You do not take my word as gospel. Just read what the CEO of mortgage giant Freddie Mac, Jack Koskinen, had to say after a meeting with President Obama on Capitol Hill, "...now is the time to purchase or refinance as rates are at historic low levels, and not likely to move much lower."
Reno and Sparks have home prices that are matched to those of 7 years ago. Everyone knows it is a buyers market....please due not let this golden opportunity pass you by while interest rates along with home prices are both amazingly low.
Jason Norris, MBA, CMPS, President MFG Mortgage Services, LLC 1.775.322.0496
Thanks for the info, i've been searching for this news.
-denny
Posted by: Real Estate in Philippines | March 31, 2009 at 09:05 PM