A Thanksgiving Treat From The Fed's

Happy Thanksgiving – Mortgage Rates Plunge Finally, some good news for the mortgage industry!

In a move to increase credit availability, the Federal Reserve and Federal Home Loan Banks announced that they would purchase up to $600 billion in Mortgage-Backed Securities (MBS), exciting news that sent interest rates for 30-year fixed-rate mortgages plummeting below 6.00% and near the lows for the year!

If you have been on the fence about buying or refinancing a home, now is the time to act. Interest rates are extremely low and home prices in some areas are at 2003-2004 levels. Add to that recent declines in energy prices and lower consumer interest rates, and you have a great holiday recipe for success. And don't forget about the bonus that will come after the holidays - the $7,500 homebuyers tax credit!

Don't wait too long to make a move. Rates have already been very volatile and this opportunity might not survive the holidays. In many markets, falling prices are bringing out buyers that have been waiting to buy and they are scooping up both bargains and hot properties.

For more information about real estate in your area contact Bill Swanson at bill.swanson@cbshome.com or visit www.billswanson.com.