The Federal Reserve Board have lowered rates again!
The National Association of Realtors has applauded the decision by the Federal Reserve Board to lower interest rates further to a near record breaking level. In the third quarter of 2008 mortgage rates had averaged 6.3% but have now fallen to around 4% in some parts of the country – these really are some of the best rates that have been seen for decades! In fact you would have to travel back 50 years to see rates this low. The new target range for rates is now between 0% and 0.25%.
All in all it really means that those who are thinking about purchasing a new home with a low fixed rate loan and a great selection of property available on the market are getting the best deal in years! The National Association of Realtors is also calling for the $7,500 first time buyer tax credit repayment clause to be changed so that the credit does not need to be repaid. Also, the cuts, asides from boosting the economy and the housing market are expected to create a wave of refinances.
If you are interested in purchasing a property in Malibu, Pacific Palisades or the surrounding southern California area then please contact Judy Kunisaki for professional real estate advice in the Westside Los Angeles area, on 310-317-8396 or via her online contact form on her website.
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