Mortgage Update… 4.75% for a 30 year fixed rate!
December 17th, 2008 | 
Author: Yesterday, the Fed stated that it could expand a recently announced program to buy up debt and mortgage-backed securities from Fannie Mae and Freddie Mac that has already driven mortgage rates down, according to HSH Associates. It also reiterated that it was looking at the possibility of buying long-term Treasury bonds. Both of these announcements have brought rates even lower, down to 4.75% for a 30 year fixed.
Waiting to obtain the best rate is only possible for those with loan applications already in process. Interest rates are incredibly volatile and fluctuations that used to take months are now occurring in hours.
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Wow!!! it almost seems like the perfect storm for buying opportunities right now. Are these low rates here to stay? What does everyone think the spring market will look like?
Hi Mark,
Yes, it is need. Especially for the first-time home buyers. I don’t have a crystal ball but I think they are here to stay low for a while. They may not be as lower than where they are now. You never want to miss out on this opportunity if you are on the fence.
I think the spring market will be active this year for Philadelphia real estate. The supply is getting favorably low and there is still demand for homes, especially $150K-$400K market.
I believe that the number of house buyers opt for fixed rate will rise as soon as interest rate will increase. Right now the variable rate is very low and First Time Buyer benefit from them. At least for the near future!