How will the Federal Reserve's $600 Billion Announcement Yesterday Affect Mortgage Rates Around Atlanta?
Posted by Brian Sims on Thursday, November 4th, 2010 at 10:14am.Fed Chairman Ben Bernanke said in the Washington Post yesterday, "Lower mortgage rates will make housing more affordable and allow more homeowners to refinance...higher stock prices will boost consumer wealth...increased spending will lead to higher incomes and profits that, in a virtuous circle, will further support economic expansion.”
In short, if you are looking to purchase a home or refinance your existing mortgage, the federal government has just given you an excellent opportunity to do so within the next year. They are essentially printing $600 Billion to pump into the economy and keep interest rates at historically low levels.
I know that sometimes we sound like a broken record when we talk about housing prices and mortgage rates but it has been decades since we have seen conditions like these to buy real estate and it will likely be decades before we see them again. The potential downside to this announcement is inflation will rise, the value of the dollar will go down and traditional financial investment returns will not be as good as in the past.
So, this means if you can afford to invest in real estate, now is the time to buy. There are over 4,400 homes for sale in Atlanta this week and almost 3,000 condos and town homes on the market as well. Call one of our Hirsh Real Estate Specialists today to find out what's available in your area.
It's the perfect time to get a great deal on a home.
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