Home Buyers Get A Christmas Present

December 25, 2008

As a Realtor®, it is always my pleasure to deliver good news to homeowners and home buyers. The timing on this news make a perfectly wonderful Christmas present for those considering a home purchase in 2009.

The mortgage interest rate has fallen to a historic record low of 5.17%! In just two weeks, the rate has fallen from 6% to the new rate.

A lower interest rate means that more people can qualify for a loan. It also means that qualified buyers have two great choices.  They can purchase a home in their price range for a lower mortgage payment or they may choose to buy  more home for the same payment as they could have purchased previously.

A lower interest rate gives home buyers more buying power. At today’s rate compared to the rate a few weeks ago, a home buyer who qualified for a home loan of $100,000 may now be able to qualify for a loan closer to the $115,000 range.

That is happy news for everyone; the home buyer and the nation. A critical factor for the recovery of our national economy is greatly dependent on the recovery of the national housing market.

Merry Christmas everyone!



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