Good Morning Lakewood/It’s Not Too Late!

Buyers: Window of Opportunity Still Open

opportunity window

brought to you by THE KCM BLOG

The Fed recently announced they would continue their current pace of purchasing bonds until the economy was stronger. This bond purchasing program is the reason that mortgage interest rates are at historic lows. Rates began to increase over the last several months just on the anticipation that the Fed would announce that they would be reducing the level of bond purchases last month. When that didn’t happen, rates actually decreased (4.50 to 4.37).

That was great news for any buyer in the process of purchasing a home. However, this window of opportunity is expected to close in the very near future as most experts expect the Fed to taper the bond purchasers in December. Even Ben Bernanke, Chairman of the Fed, suggested that the Fed could still scale back the stimulus this year. He stated:

“If the data confirms our basic outlook, then we could move later this year.”

Where will mortgage rates head in 2014?

The Mortgage Bankers Association, Fannie Mae, Freddie Mac and the National Association of Realtors have each projected that the 30 year fixed rate mortgage will have interest rates in excess of 5% by this time next year. The average of their four projections is 5.3%. The table below shows the impact this will have on the monthly principal and interest payment on a $250,000 mortgage:

 

Payment

 A buyer should take advantage of the current window of opportunity before it is too late.

Quote of the Day

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This Day in Entertainment

1955 – American icon James Dean, star of “Rebel Without A Cause,” in car collision

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1809 – Treaty of Fort Wayne: Gen. Harrison deal for 3 million acres of Indiana Territory

This Day in Sports

2000 – The US Olympic Men’s Basketball team wins its 12th Gold medal with a victory over France.

If you feel you are ready to start the home buying process, give me a call.  It would be my pleasure to offer you my services and have the opportunity to serve you. 

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Lourdrie “Lou” McNamee 

Coldwell Banker    

Lic#01317775 

loubandb@gmail.com

loubandb.com 

facebook.com/LifeInLakewoodRealtor 

562-879-9677

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Before going into real estate in 2001, I worked in the medical field. Found it very rewarding helping others and decided to make a switch and help those, who want to achieve the "American Dream". As a homeowner, I know the importance of home ownership and nothing gives me more pleasure than to place those keys into the hands of a new homeowner. I look forward to helping you, with all your real estate needs.

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