Indianapolis Mortgage Company Scheetz Mortgage spreads the news: On Tuesday of this week, the Fed announced they will be purchasing $600 billion of Mortgage-Backed Securities backed by Fannie Mae, Freddie Mac and Ginnie Mae. This move is designed to help increase the availability of credit, while lowering fixed mortgage rates.
Two reasong to spend some time examining the recent changes:
1) The first is the obvious - The rate on a 30 year fixed conventional is 5.75% as of today (Friday 11/28/08) with no points. This is down a full 1/2% from this time last week. The reduction increases a buyer's purchasing power by 5%. These rates affect all Indianapolis Mortgages.
2) The second - and the one many of us forget - is our own personal situation. Take a look at your existing mortgage. If you have an adjustable rate, look hard at converting to a fixed. Also, you make look to reduce the term of the loan from a 30 to a 20 or 15 year. Remember, with the holidays coming up we can all use some relief. By refinancing in December, you will not have your first new payment until February of 2009!!
.
REMEMBER: $7500 FEDERAL TAX CREDIT for first time buyers thru June 2009!!
As volatile as the market has been, you need to act quickly. It is not uncommon for rates to change three to four times per day.
If you are looking for Indianapolis Indiana Real Estate, you can always count on us at Scheetz Mortgage, your personal Indianapolis Mortgage Lenders, to help you choose the right financing program to meet your needs.
If you would like to discuss the details behind the recent developments or how these changes affect your personal finances, contact Mike Carr at 705-259, email or Patrick Bowers at 814-5285, email.
Powered by Compendium
Comments for Mortgage Rates DROP