The federal government has done quite a bit to help facilitate low interest rates for as many American homeowners and first time buyers as possible. Well, it seems to be working on at least one level. Homeowners that refinanced during the first quarter of 09′ will save a combined $2,500,000 over just the next year of mortgage payments! That is not nothing. That is 2.5 BILLION dollars either spent in our slowing economy or saved, either one is a good thing for the rest of the country.
Also at the end of the first quarter were some interesting statistics. Compared to March 31st in 2008 there are 1 million less existing homes for sale across the country. ONE MILLION HOMES! That is a 20% decrease in inventory nationally.
This point out to the fact that we are in different times than even a few months ago. Locally it points to a growing economy (or at least the stop in the shrinking economy), the end of home prices dropping, and spells out the end of this ultra-low interest rate market. Things should still be affordable price and rate wise for a while, but the writing is on the wall. Get off the fence is what it says!
~ Greg :: Roseville Home Loan Expert