The Federal Reserve (Fed) announced last week that it is ending the purchase of mortgage backed securities. This was a huge statement. This Fed program has held mortgage rates artificially low. In other words, the suspension of this program could very likely put upward pressure on interest rates. In fact, most lenders I talk to think rates in 2010 are going to go back to the 6% range.
With that being said, the time to buy is now. Interest rates are fantastic. I just had a client quoted 4.75% for a 30-year fixed loan and 2 other clients are being quoted 5%. These are tremendous rates.
In addition to rates still being at historic lows, there is excellent inventory to choose from and there are many motivated sellers.
Here is my latest video. This is a testimonial from a client that just purchased a home with Team Jodi. Please listen to what Rob Mazzoni has to say. . .
