Have Interest Rates Hit The Bottom

I ran across the following article regarding the latest on the housing market. It backs what I have been feeling that the affordability of buying real estate is at a all time high, with record low interest and the low current prices now is the time to jump in the market.
Although we are still dealing with some repo’s and short sales the current inventory is definitely getting eaten up by buyers taking advantage of the low interest and lower prices.
INFO THAT HITS US WHERE WE LIVE… Today’s home buyers seem to be in the right place at the right time, as our already super low mortgage rates may go even lower. The impetus for this comes from the Fed’s announcement last Thursday that they will purchase $40 billion a month of mortgage backed securities guaranteed by Fannie Mae and Freddie Mac. This is to keep downward pressure on interest rates to help boost the housing recovery. One observer expects to see “the lowest 30-year rates ever.” Smart buyers will no doubt do something about that.

Economists say the housing market bottomed out this summer and they expect improvement in 2013. Even though Consumer Confidence in August dipped to its lowest level since late 2011, Fannie Mae reported that 73% of Americans who were polled think it’s a good time to buy a home. Harvard University’s recent “State of the Nation’s Housing” report sees “definitive signs of a turnaround.” The situation has improved for sellers too, as lower inventories of homes for sale are making price cuts less common and homes sell for near asking prices.

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