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MORTGAGE RATES: REAL OR ARTIFICIAL?

Interest rates are low and have been for some time.  These attractive rates maybe short lived however because they are being artificially created.  In an effort to keep the nation’s economy from going into a free fall, the government has made some incredible moves to stabilize and lower interest rates as much as possible.

So far, what they have done has been successful in creating an environment that has kept these rates low.  But, how long will it last?  It is difficult to predict when the economy and the housing industry will begin to turn around.  However, it’s inevitable that the basic rules that govern how markets respond will return.

If the current rates were being established under normal circumstance, it would be easier to see where they were going.  However, the window of opportunity could close quickly if the housing market begins to rebound this summer.  We are already seeing signs of an improvement in the entry-level real estate market.  The low rates, the lower housing prices, and the $8000 incentive that the government has provided has brought a lot of homebuyers out of the wood work.

If you are in the market to buy a home, do not wait.  The window of opportunity is now open.  The rates are fantastic.  Housing prices have dropped significantly since January.  The $8000 incentive is good until December 1st.   Get out there and find that great deal!

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