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If you're waiting for interest rates and prices of homes to drop further before you buy stop waiting and start getting serious now. According to the Wall Street Journal (9/24/09) "rates are going to be rising once the Government stops purchasing mortgage backed securities (the reason rates are where they currently are)." They intend on slowing these purchases until they completely cut them off in March 2010. Judging by the most recent 6 year trend those rates will be rising quickly and dramatically, and when these rates go up, 75% of the time they go up 2 percentage points higher than where they dropped from. So that means they could be going as high as 8.5%. So it would be in most peoples best interest to get things moving sooner than later when it comes down to purchasing a home, before you end up losing money on high interest rates.
Gavin Schaden, REALTOR
The Muren Team
Mackintosh Inc, REALTORS
Cell (301)514-0628 Office (800)727-7553
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The Mike Muren Team out of Frederick, MD has sold a home every 7 days for the past 6 years. We take pride in producing the result's you need in todays market. For Mor info go to www.TheMurenTeam.com
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