Fed Cuts Rate by Quarter Point
The Federal Reserve cut interest rates to the lowest point in nearly four years Wednesday. In turn, the prime lending rate for millions of consumers and businesses fell by a corresponding amount, to 5 percent. The prime rate applies to certain credit cards, home equity lines of credit and other loans. Both rates are the lowest since 2004. This may or may not have much impact on mortgage rates. At any rate, spring is upon us and this is the time of the year when real estate sales pick up.
Mortgage rates are low and it is definitely a buyers market. If you are looking to invest for a fairly long term, 5 years or more, now could be the time to seriously consider purchasing.
www.VenturaHomesForSale.org
Ventura County Real Estate
posted by Janis Calkins, Realtor @ 8:18 AM
2 comments
2 Comments:
Unfortunately, the Fed cutting rates hasn't translated to the mortgage market. Jumbo mortgage rates, as well as conforming rates, are up. In addition, credit and down payment requirements have tightened up considerably. (20% vs 0%) These are all natural demand constrictors.
As demand continues to wane, Economics 101 says that prices will go down. Of course, that's if supply stays constant. Supply, represented by days on market, (dom) is going up, driving prices down even further.
Keep yer powder dry! We are going doooowwnnnnnnn.......
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