Chat With Jenny

The FEDs acted quickly yesterday morning to reduce interest rates they loan money to banks by 3/4%.  This was an attempt to relieve fears as the overseas stock market dropped. 

The reduction in rates  "should" help reduce the interest rates consumers will get charged on a mortgage or on short term credit purchases. 

I am hoping next week, when the FEDs are expected to meet again, they'll reduce rates one more time.

The banks are hoping the bond market picks up.  When that happens, interest rates will drop. 

Remember that stocks and bonds fight over the same dollar so as stocks go down, bonds go up.  And, when bonds go up, rates go down.

Consumers need to remember.....interest rates are excellent now, and there's more than plenty of inventory to choose from.  If you have decent credit, you shouldn't be worried about moving forward. 

The Winner - is always part of the answer
The loser - always part of the problem

The Winner - always has a program
The Loser - always has an excuse

The Winner - says "let me do it for you"
The Loser - says: "that's not my job"

The Winner - sees an answer to every problem
The Loser - sees a problem for every answer

The Winner - sees a green near every sand trap
The Loser - sees two or three sand traps near every green

The Winner - says, "it may be difficult but it's possible"
The Loser - says "it may be possible but it's too difficult"
– John Assaraf

    I heard on Friday people are now qualifying for 5.25% interest on a 30 year fixed mortgage.  WOW!  Rates are awesome.  If you have good credit, there's no need to worry about waiting....Now might be just the right time for you to take advantage of the increase in inventory and lower interest rates.

    Lenders are a bit more cautious in loaning money than they used to be.  But again, if your credit is decent.....you should go for it! 

    More and more sellers are negotiating their prices.  Many are including closing costs.  If you find a home you like, don't hesitate to make an offer.  You can't get something if you don't ask for it.

    So many of you have asked me lately what are the current interest rates.  Well, here ya go:

30 year fixed......5.625%......0.75% (Points).....95% (LTV)

30 year fixed......5.750%......0.00% (points).....95% (LTV)

15 year fixed......5.00%........0.80% (points).....95% (LTV)

15 year fixed......5.25%........0.00% (points).....95% (LTV)

    After viewing the above interest rates, and looking at all the inventory we currently have available, you should realize now IS the time to move forward if you see something you like.