Wow, Interest Rates are Great Today.
There is a lender in town who sends me the interest rates on a daily basis. I really like this becasue it keeps me up to date with what is going on in case someone wants to know. Well, today the rates dropped BELOW 6%. His company was showing 5.875 with NO Origination fee on a 30 year fixed rate conventional.
Makes Me Want to Buy A HOUSE !!
They claim it has something to do with the government taking over Fannie Mae and Freddie Mac. Well, if you are a plain citizen, and NOT a mortgage guru, you probably don't even know who Fannie Mae and Freddie Mac are. Well DOES IT MATTER! Call Your Lender, Lock in that rate and BUY TODAY.
If you would like to shop for a house - check out my website at www.ToniBird.com. You will find every home for sale in Birmingham Alabama under Search the MLS. Questions - let me know.
Toni,
Rates improved again this afternoon, with another spurt. We will know tomorrow if these gains are going to hold. Basically, I think the markets perceive that the mortgage securities now have a much better risk factor, explicitly backed by the federal government.
This accounts for the drop, I think.
You are right. Good time to buy.
Richard