Real Estate Search Direct

Have today’s mortgage rates gone up yet? You should be watching out for that.

The interest rates are at a historic low.  Do you think they are going to get any lower?  It’s not likely.  The Federal Reserve has already lowered the rate as much as it can stand.

Monday the Federal Reserve and the Treasury Department issued a joint statement.  It said:

“While the Federal Reserve has traditionally collaborated with other agencies in efforts to preserve financial stability, it alone is responsible for maintaining monetary stability.  The Federal Reserve’s independence with regard to monetary policy is critical for ensuring that monetary policy decisions are made with regard only to the long-term economic welfare of the nation.”

The Federal Reserve is saying that it must be careful to control inflation above all other factors.  The recent rate drops, which were an effort to stabilize the housing market, are dangerous to the long term economic welfare of the nation.

Homer and Ivana were wondering if they should wait to buy until prices dropped lower.  Homer explained to Ivana that the interest rate had a large effect on the affordability of the home.

Homer was worried that the interest rates would rise when he hear the joint statement.  He knew that a higher interest rate would make a big difference in the price they paid over the long term.

Homer decided that he should lock in an interest rate as soon as possible.

If you are sitting on the fence waiting for prices to fall further don’t forget to keep an eye on today’s mortgage rates.

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