That is the question I have been asked several times since rumors of a possible historic dip in mortgage rates started floating around. If you have equity in your home and you have good credit the simple answer is YES! Let’s take a look at the numbers.
Rates were averaging around 6.1% through the month of November and then the Fed announced plans to buy as much as $600 billion in mortgage debt. After that, weekly rates fell from 5.97% to 5.53% for the week ending December 3rd. That is the largest weekly decline in 27 years. A few days ago the Fed said it is considering expanding that program and as a result it is quite possible that rates could reach a 50 year low and dip under 5% in the very near future. Many lenders are already reporting a significant increase in applications and I plan on getting the process going so I’ll be ready to lock it in when the moment arrives.
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Get to know Jacob Clayton (150 Posts)Hi, I'm Jake...and that's my dog. By day I'm Executive Director of Business Development at Barrett & Company Real Estate. By night I am part geek, struggling musician and frustrated writer. I started this blog mainly to learn WordPress, work on my design and writing skills, and showcase some folks with all kinds of talents and great stuff to say. (Read the long version if you dare) and please introduce yourself over on my Google+ Profile!
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