The rates are dropping like crazy!

I am so thirlled for the buyers that can get qualified right now and be able to take advantage of the lower interest rates.  I saw on Zillow's rate chart that a 30 yr fixed is at 4.86%!!!!!!  I have been trying to make sure that all of my buyers know that they are so low so they can get off the fence if they are still on:)  I had one buyer get approved yesterday for even lower than that! 
  • December 17 2008 - Seattle
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Answers (7)

Rates are very low right now so, tell your buyers not to wait because they could miss out on this unique opportunity!  With mortgage rates between 4.5% and 4.875%, low home prices and the new $8,000.00 tax credit available to first time home buyers, it should be a busy spring for home sales!!
  • March 27 2009
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Profile picture for Clearpoint

Go Tammy we need more people to answer posts from last year!!!!

  • March 27 2009
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Profile picture for WyoRoots
Lord Almighty - proof that agents give the same advise NO MATTER what market conditions are...."better move fast or the opportunity will pass...."
  • March 30 2009
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Profile picture for MagicalHouse

Wow rates have been low for so long now you would think people would realize that it's not the rate that drives sales it's the risk/reward that does it.  Why purchase when the economy is still down and prices are falling and rent is cheap.

I wonder how much prices have dropped from when the OP posted this just 4 months ago?

  • March 30 2009
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Prices have dropped more than the rates.  We had similar "prints" of rates and pricing (although short-lived) in DEC 2008.  Sounds like a GM commercial to buy a HUMMER.. a 4 something rate feels good and looks good and yes it is good.  If you have a fairly large loan and get a nice gap in current rate to a REFI rate.. consider it the tradeoff or hedge against what was lost in the stock market.  Maybe one could save $80 - $100,000 in interest on a new loan and lost $75,000 in the 401K... Ebbs and Flows and the give and take of the market.  The circle of life.
  • March 30 2009
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You need a drink MW, your depressing the hell out of me.  Or should I call you MUFASA?

  • March 30 2009
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Maybe Simba....:)

I liked your risk/reward angle driving the market...  unique and different than the norm "pack" mentality.  Good stuff.
  • March 30 2009
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