Interest rates may hit their lowest point since November 2010.
The Federal Reserve Bank this morning cancelled their bond auction, catching the Bond Market by surprise. Initially, there was an official "No Comment" on the cancellation by the Fed, but shortly thereafter, the reason was given as "market volatility." I've seen nothing on Bloomberg yet, but expect something shortly.
Of course, the stock market volatility today is sparked by the nuclear situation in Japan.
Demand for the 10 year bond picked up overnight, and then spiked on news of the cancellation of the bond auction. (Interest rates fall when demand for bonds rises.)
The Dragon Is Friendly Today: What it means to you as an Agent or Borrower
If you're a Real Estate Agent, get on the phone to your borrowers. Everyone has been predicting higher interest rates, and many buyers are on the fence. It's time to jump in the game again.
If you're a buyer, this is the time to lock in an interest rate!
If you're buying in Arizona, call me at (520) 349-9090.
_____________________
I'm Mike in Tucson, your preferred Tucson Arizona Mortgage Lender.
NMLS #223495
SUNSTREET MORTGAGE llc ~ Correspondent Mortgage Bank
Offices (AZ) Mesa, Tucson, Sierra Vista, and Nogales.
Good timely post with some great suggestions.
Gotta go and get on the phone.
Margaret
Margaret,
Go get 'em! Thanks for being the first to comment.
Mike in Tucson
Mike
Now is a good time to take advantage of the low interest rates.
Good luck and success.
Lou Ludwig
Heading for the phone. Thanks Mike.
GOOD MORNING MIKE! Are rates low as well for investor and LOC loans? Thanks for the push to call potential Buyers today!
Hi Mikey - good information and thank you for the send out card - way cute. Not sure I want to spend $99/year for that upgrade, however.
Mike - it is always interesting to get updates on the interest rates! When they went up a bit it was also great seeing how many people came out of hiding and started buying!!!!
Mike - do give me a head's up before your Florida trip so we can get together - your brother doesn't live that far from where I am!!!