mortgage rates

A Real Estate Thanksgiving!

Happy Thanksgiving!  Prospective home buyers and refinancers alike can be especially thankful this year.  According to the L.A. Times, Fannie Mae reports that during the week that ended yesterday (before the Thanksgiving holiday) mortgage rates dropped to a record low (4.78%!!), a level last seen in April, during much gloomier economic times.  Not surprisingly, these low rates have already gotten buyers off the sidelines, and inventory levels in some areas (such as the San Fernando Valley) have plummeted over the last year, according to the L.A. Daily News.

All of this bodes well for the market in the near future.  If you want a great rate, grab it while it lasts.  I have a network of great lenders and would be happy to make an introduction.   When the coming wave of inflation hits, you’ll be glad to have locked in affordable long term financing and that you own a leveraged physical asset:  real estate.  Just remember to insist on a fixed rate, or you could be in for a rude awakening down the road when rates skyrocket.