Arizona Mortgage Rates for December 5, 2008
Mortgage Related News This Week
On Wednesday, the Wall Street Journal broke a story that the Treasury was considering making moves to drive mortgage rates to 4.5% for new home buyers. This story immediately hit both the national and local media.
Yesterday, we were asked our thoughts about the “4.5% plan” by ABC15 TV and whether it would help and we pointed out 2 key items in our 10 minute interview (that turned into a few seconds on the air):
- Making moves to lower the interest rate that low will help, but it probably won’t bring buyers into the valley by the millions (ala the Oklahoma Sooner days).
- It is our experience that guidelines matter more than interest rates – and “what good is a 3% interest rate if you can’t qualify for a mortgage?”
Remember, the “4.5% plan” hasn’t actually been put into action yet, it is still in discussion — but it is clear to us at this point that the Treasury and/or the Federal Reserve is working overtime on searching for a solution to the current nationwide “housing problem”.
Lastly, today the Real Estate Biggest Loser has officially started… and I lost the coin flip and will be representing us in the challenge. Tammy is in charge of buying enough celery for the next few months and finding my running shoes wherever I left them about 10 years ago.
{ 1 comment }
You should get like a bonus 1% just because you are awesome.
Comments on this entry are closed.