If the rates drop to 4.5% are you ready to buy?

The feds are spinning their wheels and it looks like they might be onto something.  Now is the time to get your ducks in a row and get ready for the time.  This will be the lowest rates have ever been.  Refinancing your current mortgage might be an option for you providing you have some equity in your house.  Wall Street Journal has this to say about the feds;

The plan, which is in the development stage, would temporarily use the clout of mortgage giants Fannie Mae and Freddie Mac to encourage banks to lend at rates as low as 4.5%, more than a full percentage point lower than prevailing rates for a standard 30-year fixed-rate mortgage.

Government officials are under pressure to address falling housing prices and mounting foreclosures, which underpin the current financial crisis. Treasury has struggled for months to come up with a plan that would ease the strains on borrowers without appearing to bail out homeowners and lenders.

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Go ahead contact a lender and see what you need to do to be ready for the lock in…

Then give me a call and we’ll go looking.

Bob is a licensed Real Estate agent in Maryland and Pennsylvania. You can contact him via email at bob@gotbob4homes.com or call him on his cell phone at 240-285-4918.  Bob left the Frederick area to manage a resort office near Deep Creek Lake in Western Maryland. He still stays in touch with the area that he has grown to love.