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Lowest Fed Funds Rate In History 

These are incredible times! Recently, the Federal Reserve cut interest rates by .75%, bringing them down to .25%...the lowest Fed Funds Rate in history. Additionally, the Fed has been purchasing Mortgage Bonds, which has helped drive interest rates to the lowest levels seen in our lifetime.

While this is great news, we must remember that these windows of opportunity may exist for a very brief period of time. And the interest rate market has recently been incredibly volatile, with spikes of .25% within hours and .50% within days. As rates can change quickly, locking as soon as you can to obtain a rate that works for you is the best policy.

Although we are now experiencing the greatest opportunity ever to save money on mortgage rates, there are a few things I would like to caution you on.

Don't make the mistake of waiting to see if rates will go even lower, which is dangerous for a few reasons. First, depending on the health of the real estate market in your neighborhood, your property's appraised value could decline as a result of foreclosures and other homeowners in your area selling under pressure. This could prevent you from being able to close due to decreased equity in your home. Additionally – even if rates got slightly lower some months from now, the monthly interest savings you could be enjoying by acting right now adds up very fast. The opportunity cost of waiting – for something that may never happen – could quickly mount up into the thousands of dollars.

Also, as more and more homeowners and home buyers take advantage of today's rates, expect that the time it will take to complete your transaction could increase, so a little patience may be needed. It is important that we get all your necessary documentation immediately to help you start saving money right away.

Don't wait. With the lowest rates on record, there may never be a better time to put more money in your pocket. Call me today and we can explore your options.

Calling me won't cost you a dime...not calling could cost you a fortune.