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MORTGAGE RATES TUMBLE 4/10THS OF A PERCENT TO 4.8%!! GET READY NOW TO ACT

Posted by Mike Askins on Thursday, March 19th, 2009 at 7:24am.

I was so excited early this morning! Finally, rates are coming down! But wait what is happening? Looks like another case of getting all dressed up with no place to go. Golly Batman, the Joker is running the Fed! Yes Robin, right you are!....

Late yesterday Interest Rates fell 4/10ths of 1% and HIT 4.78% before the SPECULATORS showed up at WALL STREET to begin to take it all back. Don't you just love Capitalism where you get to be the "Capital" for the bank's "isms!" The little guy and all the people who depend upon the little guy can hardly catch a break. Even Mortgage Companies (that are still in business) are beyond being frustrated by the Cat and Mouse game being played with interest rates. Still historically speaking we are at 40-50 year lows, so I suppose in the big scheme of things, that is a positive in and of itself.

Folks, keep your eyes peeled, if you have a contract in place to purchase a home, you need to be able to LOCK quickly when rates make their move or if your are going to REFI get your refi applications IN and WAIT for these rates to settle back down THEN LOCK and close. If you are in the PIPELINE now for a home, just keep in mind that your very best home buying opportunity is always going to be when others are not buying. However from recent sales statistics in Collin County, this "Low" spot might have already come and gone as housing sales figures are up sharply. Hopefully in the next 12-18 months we will come out of this and those who took the opportunity to lock in a lower monthly housing cost will feel like champs for their valiant effort.

When you are ready to move forward ARG can help you understand the new real estate market realities that will affect what you can and can't do in this post crash recovery period. We'll help you get hooked up with the best mortgage professionals so you can have a clear understanding of what is available to you in the housing market. Doing your homework in this market is imperative, not to metion market timing.

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