From Realtor Magazine Online, Daily Real Estate News January 24, 2008
Now’s the time for homeowners facing resets on adjustable-rate mortgages or dealing with burdensome loans to refinance.
While mortgage rates aren’t specifically tied to the rates the Federal Reserve controls, they are affected by this week’s cuts and they could fall even farther if more cuts follow."
Mortgage rates already have fallen and they still are falling," says Dave Loyst, vice president of retail lending at Stearns Financial in San Diego. "Every deal is a struggle, but we're still doing loans. I think this rate cut absolutely is going to help the real estate market."
"This definitely will help the mortgage situation," Loyst adds. "With rates falling, more people are able to qualify for refinancing and more people who were left out from buying homes before will be able to do so now."
"This is the affordability piece," says Richard Musci, vice president of Charles Schwab Bank. "Consumers should be able to afford more (of their living and discretionary expenses) at these lower interest rates."
Loyst concurred with that assessment: "People will come out looking to buy houses...and it will help slow down the depreciation of real estate (values) in certain areas."
Source: Dow Jones Business News, Jennifer Waters (01/24/2008)
Subscribe to:
Post Comments (Atom)
.jpg)
No comments:
Post a Comment