As most are very well aware the current mortgage interest rates are artificially low. What that means is that without pressure and actions taken by the Federal Reserve interest rates should and would be higher.
Well, those actions are coming to the end. The Fed’s $300 billion mortgage securities buy back program is almost out of funding and no more funding is expected.
What does that mean to me and you? Interest rates will rise. That is a simple statement of fact. If you are considering buying or refinancing DO IT NOW!!!! By October and November interest rates will be higher than the 5.25% that is available today.
Home buyers you have a double incentive to act quick: 1.) the interest rate 2.) the $8,000 tax credit.