GOOD NEWS FOR HILTON HEAD AND BLUFFTON BUYERS--INTEREST RATES RAPIDLY DROPPING!

While the news of Freddie Mac and Fannie Mae being taken over by the government was unsettling to say the least-----the good news was that interest rates in the Hilton Head Island and Bluffton Area (as well as nationally) have really dropped a lot. Despite the negativity in the financial markets, this is the news that many buyers who have been on the sidelines, have patiently been waiting for.

For example: According to local banks, the 30 year fixed rate dropped to 6.15% last week almost immediately after the news was reported. This was a drop of 40 basis points. The 15 year fixed dropped lower to 5.81% and the 30 year jumbo, according to Bank Rate is now at 6.98%, the lowest point in over a year.

SO, THE MILLION DOLLAR QUESTION? HOW LONG WILL THIS LAST? It's anyone's guess at this time. My personal opinion, is that we'll continue to see a slow downward trend but if you're sitting on the sidelines waiting to jump into the homeownership market, now may be the time to act.

FOR ALL OF YOUR HILTON HEAD AND BLUFFTON REAL ESTATE NEEDS, PLEASE VISIT MY WEBSITE. I welcome your inquires, questions and referrals.