INTEREST RATES (AGAIN)
The word is out (as of this morning). Interest rates will have to rise.....maybe as much as a whole percentage point (100 basis points). The amount of interest charged by reserve banks for an overnight loan has doubled in the last few days, so lenders have to raise their rates in order to make a profit.
Fannie Mae and Freddie Mac have actually lowered their interest rates in order to finance more purchases to those who don't qualify to buy. Another government bailout is inevitable.
The goverment now owns, or has control over, 92% of all existing mortgages in the United States. And some six to seven percent of all home mortgages are in one stage or another of default.
It is a myth that buying a foreclosure is less expensive (and safer) than buying a home that's not in default. And it is a fact that the hassle is far greater.
Trust your Century 21 realtor. Email me from my web site: www.johncmartin.com.
Fannie Mae and Freddie Mac have actually lowered their interest rates in order to finance more purchases to those who don't qualify to buy. Another government bailout is inevitable.
The goverment now owns, or has control over, 92% of all existing mortgages in the United States. And some six to seven percent of all home mortgages are in one stage or another of default.
It is a myth that buying a foreclosure is less expensive (and safer) than buying a home that's not in default. And it is a fact that the hassle is far greater.
Trust your Century 21 realtor. Email me from my web site: www.johncmartin.com.
posted by John and Flo Martin at 12:54 PM
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