Thursday, March 19, 2009

4.5% Mortgage Interest Rate a Possibility

A Ravenswood house just got more affordable...

The Federal Open Market Committee released statements from their meeting the last two days that could mean another low dip in mortgage interest rates. This was predicted by my bankers in December when Fannie Mae/Freddie Mac was bailed out.
Over the two months following that move, interest rates dipped at times below 5%. Some of my clients (and me) were able to lock in refinance rates under 5% or near it.

The latest move will create this opportunity again for refinance and purchases at favorable rates. As usual, I recommend teaming with a quality mortgage banker if you are considering a purchase to prepare for financing. And secondly, team with me to really understand the segment of the housing market you are interested in.

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