Mortgage Interest Rates Drop, Real Estate Market Responds!
Even as the market opened on Tuesday, the Federal Reserve attempted to come to the rescue by making a surprising announcement - an emergency cut to the Fed Funds Rate and Discount Rate by .75%, in an effort to prevent a global market meltdown. The surprise announcement and magnitude of the rate cuts led to a week of exceptionally volatile trading in both Stocks and Bonds, causing home loan rates to swing wildly midweek, yet end up surprisingly close to where they had started.
Many of the loan officers I work with lowered no cost purchase loans to 5.25% midweek last week. At the end of the week, rates had gone back to the upper 5's.
If you are a Kansas City home buyer, especially a move up homebuyer, and thinking buying a home this year, the next few weeks will the best of times. Buyer competition is low, home prices have dropped and interest rates are at their lows.
Waiting could mean the difference of a couple hundred dollars a month in your mortgage payment. If you need guidance on finding the right mortgage, contact the Dowell Taggart Team. We have full time mortgage professionals that we would happily recommend.
Dowell Taggart Team
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