Mortgage rates on a 30 year fixed loan are currently near record lows, however news today from the Federal Reserve may mean they will go even lower.
According to an article published by CNBC.com:
The Fed said it will buy $40 billion of mortgage-backed securities per month in an attempt to foster a nascent recovery in the real estate market.
The move is aimed at boosting the economy, but should also keep rates near their current lows. Rates might even drop off a little bit in the wake of the buy back. Investors may also see this as a good time to pull some money out of the bond market and inject it into the stock market, which might make rates creep back up a little.
To read the entire article from CNBC.com, CLICK HERE.
There are many variables at play and it is hard to predict exactly what will happen, only time will tell.
For information or questions about local Norwalk real estate and real estate in Fairfield County, visit www.NorwalkRealEstateTodd.com