And were off… 2 weeks into 2009 and the rates could not be better. When the FED announced on December 16th they would start the process to buy up $500 billion in mortgage backed securities in 2009 the market reacted with an incredible market upswing.
Already in January 2009 we have seen rates at 4.5% and long term rates consistently fixed at or below 5% with no buy down points. Beginning January 5th the FED lived up to what they said and began buying up mortgage backed securities from Freddie, Fannie & Ginnie Mae and reportedly purchased over $10 billion between the 5th and 7th alone.
January 12th President – elect Barack Obama asked the Bush administration for the remaining $350 billion in the Wall Street rescue money available for when Barack takes office next week.
Interest rates are great, we all know that, the economy is in some hard times and we all know that but home prices are at a low you may see again in your lifetime and coupled with the low interest rates now is a great time to buy and it is most likely one of those moments you may say “we should have bought” if you don’t react now.
If you have been waiting for that perfect time wait no more, get yourself ready to make a purchase by following some simple steps now:
Select the right Realtor
Select an area you want to live
Ask questions and prepare for the process
Are you looking at short sales, understand how they work
Are you looking at foreclosures, understand how they work
Our team of agents are here to help you in the Minneapolis Real Estate market and all it’s suburbs by contacting at 612-282-7653.
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