Interest rates on the rise
This just in from one of our favorite lenders:
Volatility for home loan rates has already begun. The Fed did what they set out to do - purchasing $1.25 Trillion in Mortgage Backed Securities, and succeeding in their plan to lower home loan rates and help stabilize the housing sector. And even though they stretched out the length of the program slightly - in order to soften the impact of the end of the program - the training wheels are now off, the safety net is gone, and home loan rates have already moved higher. In fact - as the Fed will now gradually become a seller of their massive holdings of Mortgage Backed Securities - rates are very likely to continue to move higher still.
Even after home loan rates took a jump higher last week, they still remain at reasonably low levels - which makes right now a crucial time to take advantage of the opportunities that exist, including the Homebuyers Tax Credits which are down to their last month. To take advantage of the generous credits, purchase contracts must be signed by the end of April. If you or someone you know has questions about this credit - please don't wait to get in touch with us.
I thought that everyone in the world would have heard about these tax credits, but I just found out that my Aunt (a very smart and savvy woman whose house is on the market) hadn't yet heard the news- so I'm going to continue to get the word out until it's over!
And now for your Tuesday Coffee Break..."Nobody can go back and start a new beginning, but anyone can start today and make a new ending." ~ Maria Robinson