On the recent federal government takeover of Fannie Mae and Freddie Mac and today's announcement of rate cuts: What does this mean to our local Hasbrouck Heights/Wood-Ridge/Lodi market?
According to the mortgage people I deal with, it means mortgage rates could possible dip to under 5% by year's end.
With sellers nervous about the economy and the outset of the slow winter months, lower interest rates could prove to a big market rebound; maybe the engine we need to get us back on track!
Who knows, there's perhaps some glimmer of good news in all this fog of doom & gloom....
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