Mortgage Rates have Taken A Big Drop
Finally, some good news for the mortgage industry! In a move to increase credit availability, the Federal Reserve and Federal Home Loan Banks announced on 11/25/08 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!  In fact, I just received the current mortgage rates for today from Coleen Leri at First Community Mortgage and for a 30 year fixed conventional loan the current PAR rate is 5.375%.

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. There is also an incredible selection of homes to choose from here in Colorado Springs.  Add to that recent declines in energy prices and lower consumer interest rates, and you have a great holiday recipe for success, but only if you give us a call.

Don't wait until it's too late. Call us today and get pre-approved. 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. As the market improves interest rates will climb again.  Let me offer you some pointers to help you negotiate a great deal and lower your costs to close.

Please call me if you are ready to buy or if you have any questions about refinancing.  I can put you in touch with some great local lenders.  I hope you have a Merry Christmas and a Happy New Year.

Oh, by the way…if you know of someone who would appreciate the level of service I provide, please call me with their name and business number and I will be happy to follow up and take great care of them.

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