There have been some important current mortgage market changes. The move in the past week by the Federal government has caused a very significant drop in mortgage rates. This is great news and we need to take advantage of the steep drop in rates quickly, this is a real opportunity.
Most of the time when things go on sale people get excited. Well…houses are on sale and we should all be excited! It took the government one full year to declare that we are in a recession that started December of 2007. Don’t wait another year to learn that we started coming out of it in December of 2008. By that time prices will have gone up. If you receive my newsletter you know that Tucson has been on a trend of stabilization. Rather than being fearful, take action and keep our market moving in a positive direction. It is always better to be proactive than reactive and then finding yourself saying “I wish I had done something then.”
A lender told me yesterday he was able to lock a 30 year fixed rate for a client at 5.25%! We do not know how long this will last but today opportunity is knocking. There has been no better time to borrow money and buy a house on sale!
Let’s keep Tucson moving.
Renée
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