Interest rates have continued to fall for the third straight week as the Fed aggressively buys mortgage-backed securities at the rate of around $4B per day. What this is doing is forcing liquidity into the market. Rates right now are HISTORICALLY low, possibly the lowest they have been in 20 years or more.
THIS IS AN UNPRECEDENTED TIME for first-time homebuyers.
Historically low rates AND a buyers’ market. But, it’s important to keep in mind that mortgage bonds can be bought and sold. Therefore rates can go up as well as down. I recommend that buyers lock in a deal as soon as possible.
On another, very important note, my best lending sources are telling me to expect jumbo (over $624,500) loan product to follow suit, dropping rates and offering more favorable terms.
There is tremendous pent up demand so it’s just a matter of time. I am in contact with all of my lending partners on a weekly basis and I will send out an immediate alert as things change. 2009 is already looking like a better year.
Give me a call at 310-392-0096 and let’s lock in your loan at the lowest possible rate and find you your propertunity (property+opportunity).
