Barry’s Blog: Rates are Still Low!
Fannie Mae Changes
Nope, I’m not talking about the candy that only grandmothers can buy – I’m talking about the governing body of loans. Years ago Fannie Mae set a rule that banks could still lend to you if you owned 10 properties or less. When everything hit the fan the past two years they lowered that number down to four properties. This was bad news for investors or even for people that just like to invest their money into real estate (which in my opinion is still a much better move than investing in the market). However, Fannie Mae has changed their mind once again and gone back to the old rule of ten properties.
Still hovering in the low 5’s. What will this new stimulus package do to rates in the near future? We do not know. There may be room for rates to dip back into the 4’s again, but tell the fence sitters to get moving if they are looking to buy. The government has printed a boatload of money and this leads to inflation which is horrible for rates. When the economy rebounds the rates will go up quickly.
Looking to save money in today’s economy? Be sure to attend the next meeting that we speak at as we have exciting news for the Jameson Family regarding purchases and refinances.
It’s Oscar time. Back in the middle 1980s there was a film that won Best Picture and it had a total of 329 swear words – a record for the most swear words in a movie that won Best Picture. What movie was it? Last week’s trivia answer: Jennifer Aniston starred in the 1990-91 sitcom Ferris Bueller which was based on the 1986 movie Ferris Bueller’s Day Off.