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Erica Bass' Blog

By Erica Bass | Agent in San Diego, CA

Fed to Keep Interest Rates Low Until 2013

Interest rates on U.S. 30-year mortgages tumbled today near record lows, after just yesterday the U.S. Federal Reserve pledged to keep “exceptionally low” interest rates in place until at least mid-2013.

Fixed rates for 30-year mortgages have dropped to their lowest levels in eight months, while 15-year loans fell to record lows, according to Freddie Mac. LendingTree said the average 30-year mortgage rate fell to 4.25% today, just above the record low of 4% percent set last week. Top-notch borrowers could obtain a 30-year mortgage at a record low rate of 3.75%, according to LendingTree.

How much lower can they get? Source: Mortgage News Daily


A common question I hear; Have we hit the bottom of the market? The question we should be asking – is now a good time to buy? Absolutely…  If you have stable income, plan on staying in the area for a few years, now is an excellent time to take advantage of the record low interest rates opportunity and invest in home ownership.

Source: Reuters.com


For my blog directly, Visit: EricasCity.com

Comments

By Tony McMahon,  Wed Aug 10 2011, 19:29
Not sure if this announcement will spur buyers to make a move or create a more passive environment with them knowing they have more time to watch and see, without the fear of missing out on the low rates.???
By Erica Bass,  Wed Aug 10 2011, 20:12
Hi Tony, thanks for the comment. I've been reading both sides of the argument all evening and can't decide for myself either how buyers will react?

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