Have you been watching mortgage rates? They have been dropping like a tank (down to 5.47% from 5.99% the lowest level since June 2005) since the Fed announced last week that they are buying mortgage paper now through the end of the year. Now they are falling again, this time from Treasury Secretary Henry Paulsons new plan to push home-loan rates down to 4.5% to help stimulate the housing market. Thank you dear Hank! This is unbelievable...
Today conforming mortgage rates are at 4.27% the lowest since 2003. “The bond market is racing ahead of the government’s full court press to bring down mortgage rates,” Kenneth Hackel, the head of fixed-income strategy at RBS Greenwich Capital Markets, said today in a note to clients.
The latest plan is preliminary and could change. The Wall Street Journal reported only loans for home purchases, not refinancing, would be targeted. Fed Chairman Ben Bernanke’s Dec. 1 comment that the central bank may purchase Treasuries to drive down long-term interest rates and stimulate the economy have also helped lower rates by pushing benchmark government-note yields to record lows.
Now is the time to purchase or refinance! Call 801-438-1166 or simply go to www.Skip2PaymentsNow.com.
