In previous articles I wrote about the signifigant impact of having a loan at 5.5% versus 6.5%. I just received this email from Dan Hrey of Chase. If one is thinking about buying in the near future there is a great opportunity now with these fantastic rates.
From Dan Hrey of Chase
Wednesday morning CNN Money posted the following information in regards to
an $800 billion infusion of federal funds into credit markets having an
immediate impact on mortgage rates.
Mortgage rates fell sharply yesterday after the administration announced
that it will pump another $800 billion into credit markets to free up
frozen consumer and mortgage lending.
That number dwarfed previous government actions aimed at bolstering the
mortgage lending market.
"The feds agreed to spend a half a trillion dollars to buy up mortgage
backed securities and another $100 billion to fund lending for Fannie and
Freddie; we're not talking chump change anymore," said Keith Gumbinger of
HSH Associates, a publisher of mortgage information.
Rates averaged 5.77% for the day on a 30-year, fixed rate loan, down from
6.06% Monday, according to Gumbinger.
This rate drop amounts to huge savings for homebuyers. Hence, many experts
think that this drop in rates will surely help spark our real estate
market.
If you need any assistance please contact me at: 949.769.1599.
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