Wednesday, April 28, 2010

Unchanged interest rates - good news in Albuquerque real estate

The Federal Reserve issued their monetary policy at 12:15 mountain time today. The Federal Reserve left the Fed Funds rates unchanged at a near zero interest rate. The Fed stated that "the economy continues to improve at a modest pace." The positive comments on the economy have caused a rally in the stock market.

Unfortunately, mortgage rates typically increase on positive economic news as money flows out of safe havens like the bond market. Therefore, in an attempt to make bonds and mortgage backed securities more appealing to investors the yields are increased. This ultimately affects mortgage rates that consumers pay for their home loans. The good news is that mortgage rates remanin at near record levels.

This is great news for anyone who is considering purchasing a home. We are entering into the busiest season of the year for home buying and selling. The near record low mortgage rates should encourage people to move forward with their home buying decisions.

p.s. I hope you will call on Lisa or I if you have any real estate mortgage needs. We appreciate your friendship and support of our business.

All my best,
Scott Cummings

Scott Cummings, CMPS
President / CEO
Cummings Financial
505.884.8600 office

Lisa Cummings
COO / Mortgage Planner
505.362.1338 cell
Post a Comment

Blog Archive