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Rates Continue to Drop – Loan Demand Increases

Mortgage interest rates have once again dropped to their lowest in the 40 year recorded history, according to the Federal Home Loan Mortgage Corporation (Freddie Mac). 30-year fixed rate loans fell to 3.4% for the week ending September 27, 2012 – down from 3.49% the week prior. In response, the demand for mortgage loans has increased 7% from this time last year. The question

The Federal Reserve continues to purchase mortgage-backed securities guaranteed by Fannie Mae and Freddie Mac in the amounts of $40 billion a month and even higher numbers are expected in the near future. The intention is to ease the financial burden on lenders and to continue the recent strength of the real estate market.

Though questions remain as to how well these attempts will stimulate the economy as a whole (unemployment, business investment, etc), you as an individual homeowner or potential homeowner in Santa Fe can take advantage of the opportunity. New home buyers can purchase a home now at a great value, and enjoy reduced payments. Current homeowners can refinance their loans to save money on monthly loan payments, and overall interest on the life of the loan.

Consult with a mortgage professional to see if you are ready to take the plunge and purchase a home in the Santa Fe area. Then contact me to view any of the wonderful Bucks County homes on the market today.

 

Info obtained from Inman News.

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