Don't miss the bottom!

Interest rates went up this week. REALTOR.com reports (click here for the article): "Following four consecutive weekly declines, Freddie Mac reports a jump in the 30-year fixed mortgage rate to 5.68 percent during the week ended Jan. 31 from 5.48 percent the prior week."



Usually when the Federal Reserve Board meets and lowers the rate they charge banks, interest rates eventually will fall. Due to the high demand for refinances, this time rates have actually risen.



Will they continue to rise or will the demand for mortgages easy allowing the rates to fall again? That is the million dollar question. I think we are at or very near the bottom for now.



Today is a great time to lock in a low interest rate for your new home. Great inventory and low rates together make now one of the best times to buy your new home. Call me today and let's find YOUR dream home!



Michael Bradford

770-862-8002

Feds Cut Interest Rate

As everyone thought, The Federal Reserve Bank cut it's interest rate that it charges banks by a quarter point to 4.5%. REALTOR.com® gave a report on the rate cut today. I think the most significate remarks made yesterday as reported in the AJC article was "the risks to the economy from inflation "roughly balance," or are equal to, the risks of a serious downturn in economic growth. Previously, the risks of a recession were seen as more of a threat to the country's economic health."

What does that mean? It means we probably won't see another reduction this year. For those who are waiting for the interest rates to bottom out before buying or refinancing a house, this may be it. It may take a couple of days or a week before this rate cut drives down mortgage rates, but I believe in the next few days we will see excellent rates for mortagages and loans.

If you call me today, you could be in your new home by the holidays. Let's find your new home and I will even buy your first Christmas tree! Call me at 770-862-8002.

Michael Bradford
Southern Prime Realty