Mortgage Rates Have Dropped Dramatically!

Mortgage Rates Have Dropped Dramatically!

On September 11, 2008, Freddie Mac released the results of its Primary Mortgage Market Survey® (PMMS®) and report that the 30-year fixed-rate mortgage (FRM) averaged 5.93% for the week end, down from last week when it averaged 6.35%. Last year at this time, the 30-year FRM averaged 6.31%.

The 15-year FRM this week averaged 5.54% down from last week when it averaged 5.90%. A year ago at this time, the 15-year FRM averaged 5.97%.

Please visit http://www.freddiemac.com/news/mediaroom/ to read the entire press release.

What does this mean to you? With home's values having dropped around 25% in the last year and having so many foreclosures having brought the market down to a point where prices are at or below that of 2004 this news allows many people who had recently been unqualified to buy homes be able to purchase again. If you have been wanting, waiting and praying for a time to buy a home but always seem to find a reason why its just not the right time to buy yet... well wake up and see that we are at a GREAT TIME TO BUY.... there is still a lot of selection yet the inventory has continued to drop for almost 5 months now....

With the Federal government buying out Freddie Mac and Fannie Mae we now have a solid backing for our mortgages which will add in security for investors who buy the home loans in the secondary market. That might not make sense to you but just know that the more investors that buy home loans on the secondary market the lower rates can remain....

So... stop listening to your friends who say 'wait...it will get even better to buy'... and look at the facts... we have had 25% drops in values in a year.... AMAZING! We have a shrinking inventory across Orange County... we have a solid mortgage backing being the U.S. Government... and rates are reaching HISTORIC LOWS.... what else do you need to happen to let you know its a great time to buy?....

I don't see the clouds parting and hearing God's voice whisper it to you.... but EVEN IF THAT HAPPENED.... some people STILL would wait to buy... SOME PEOPLE... BUT NOT YOU ....

YOU ARE SMART!