Good Afternoon,
Continued action in the treasuries are causing a measurable and consistent slide in long term fixed rates. Since this market movement is not a result of any one event this week, we all have to wonder if it will continue or make a reversal to the trend we’ve seen in the past 2 months.
We are now seeing rates dip back to their September lows, so you may even be able to save money if you already have a favorable rate, especially if you were looking to take cash out or consolidate debt. Fortunately, there is much more that you can control now than 1 month ago.
We are at a period in our housing market where certain areas of the country that were hit the hardest are showing signs of recovery. Their sharp reduction in home values is beginning to ebb and home sales are starting to appear with the bargains created. Credit and lending is a bit more stable now with the government bank guarantees being put into place. Combined with the recent lower interest rates, more people are seeing this as a win/win situation and are making offers on homes that will no doubt appreciate very well on the other side of the housing crisis.
The lower rates this week are also causing people with home improvement plans to finally get a good loan and begin their projects that have been a delayed into the fall. Just as the snowball effect that lower home values and lost jobs have damaged our prosperous economy, a new and more stable economy is emerging with a kick start in credit availability by our government to restore consumer confidence and re-establish the U.S. as a resilient global leader.
As a homeowner, these lower rates are directly targeted to help you get back on track, so take advantage of these opportunities as they present themselves such as this week. I am always here to help.
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