Mortgage Applications Increase as Fed Cut Rate Again!

With last weeks cut of three quarters of a percent many were expecting another cut, but not perhaps as high as half a percent.

This cut which occured yesterday was welcomed by the financial sector and is part of the Federal Reserve Board’s plan to kick start the economy in fear of a recession.

The benefit of course but cutting rates is that it can help spur the housing market. So far the National Association of Realtors has reported that since the previous weeks cuts Mortgage Applications are up 10.5% over the week before and applications are up over 70% compared to the same week last year!

Homeowners are refinancing their existing mortgages – particularly ones with an adjustable rate feature which is coming due and others are planning on getting pre-approved for a loan ready to go shopping for that perfect home.

With prices are fantastic levels and areas such as Malibu, Pacific Palisades and of course, Beverly Hills offering a fantastic lifestyle and token properties – particularly for foreign investors who are taking advantage of the weak US Dollar.

Please contact Judy Kunisaki if you are ready to look for that great property here in Malibu and the surrounding area call Judy on 310-317-8396 or click on "Contact Judy" above.