Tuesday, November 25, 2008

Interest Rates Down!

I just received this announcement from Nick Parent and Chad Gray of The Mortgage Guys

The current 30 year fixed is at 5.375% with 0 points with the option of floating down!

"The mortgage industry received some big news this morning that will likely overshadow the Gross Domestic Product and Consumer Confidence reports today.
One of the biggest news items is the Fed's announcement that it will purchase $600 Billion worth of Mortgage-Backed Securities backed by Fannie Mae, Freddie Mac, and Ginnie Mae. This should help increase the availability of credit, while also lowering fixed mortgage rates. In addition, the Fed will allocate $200 Billion to create liquidity in the auto, student, and small business loan markets.
News of these plans is already helping push mortgage rates lower, as Mortgage Bonds have had a strong rally and appear headed for their price highs of 2008

BUY, BUY, BUY - especially if you live in Burlington where rental prices are not low!

- Stella Abraham, REALTOR

Coldwell Banker Hickok & Boardman Realty
346 Shelburne Road, Burlington, VT 05401

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