GREAT news: The Federal Reserve announced last week that it would buy $600 billion worth of Fannie Mae and Freddie Mac Mortgage-Backed Securities. With the guarantee that the government will buy these mortgages, rates dipped dramatically. This action by the Fed will also allow banks to free up some of their money that is currently tied up in mortgages, increasing liquidity and an ability to lend out to more people.
I haven’t seen rates this low in a long time, so a lot of people are taking advantage of the opportunity. Please let me know if you are seeking a rate quote or want me to run the numbers for your situation.
And lastly, just a note that one of the bigger challenges in the refi market is the reality of lowered property values. Lenders are requiring more equity in the home and so not everyone can take advantage of this timing.
Please let me know how I can help.
