Volitility

In case you haven't noticed, the market has been going crazy lately. From stocks and bonds, to interest rates, to gas prices. . . . .everything going crazy.

If you're in the market to purchase a home, the best thing you can do right now is become friends with your lender. Rates change every day, often times several times in one day. A couple weeks ago the rates went from under 6% to 6.5% all in one day. Last week Friday, the rates changed 4 times throughout the day.

If you're looking to lock in, you need a lender who you trust, who has experience in this crazy market. One who's watching what's going on, one who will CALL you if and when the rates drop so you're not left out to dry.

Today's rates may be lower than yesterday, they may be the same, or they may be higher. Don't chance your mortgage to some DOT COM person. . . . .find a reputable, trustworthy lender.

As always, e-mail me if you need guidance finding someone throughout this process. I'd be happy to share my trusted sources with you.

Bernanke Prepared to Cut Key Rates Again

Daily Real Estate News February 28, 2008

Bernanke Prepared to Cut Key Rates Again

Federal reserve Chair Ben Bernanke told the House Financial Service Committee during an appearance on Wednesday that the Fed is prepared to lower key interest rates again to bolster economic growth.

The Fed "will act in a timely manner as needed to support growth and to provide adequate insurance against downside risks," he said.

Bernanke was asked when he thought the housing market might stabilize. It's possible, he said, that by "later this year it will stop being such a big drag directly" on the economy. But home prices probably will decline into next year, he added.

"It is very difficult to know, and we've been wrong before," Bernanke said.

Source: The Associated Press, Jeannine Aversa (02/27/08)