Unless you live under a rock you’ve heard about the Federal Reserve Board cutting the prime rate by 3/4 of a point this week. And I’m sure if you have any involvement with the stock market you’ve been glued to the CNN channel watching all the number scroll past.
Well, even though it’s had a negative impact on stock values (at least the last few days), this has all had a really positive impact on loan interest rates. My mortgage gal, Bridget Morey with Century 21 Mortgage, told us today at our weekly sales meeting that her national average best rate is at 5.5%! Whew! That is just an awesome rate.
I’m telling you, with prices sliding down and interest rates staying fabulous or getting better, I really have the home buying itch! I’m dying to rent out our current house (which we bought long enough ago that we could rent it for more than what we pay in the mortgage) and buy something bigger before the great prices go away.
Anyone else thinking along those line?