June 6, 2020

What is happening with interest rates?

Mortgage rates are near historic lows, BUT the Federal Reserve Board’s mortgage backed securities purchase program is set to expire. The Fed has already scaled back its purchases over the last few months, allowing rates to rise on mortgages. Once the Fed stops the purchases entirely at the end of the first quarter, rates are expected to rise a half per cent or more.

The deadline for the Home Buyer Tax Credit is for contracts written on or before April 30th (and set to close no later than June 30th).

All of this adds up to a big “don’t wait!” If you or someone important to you is thinking about buying a home, please have them call or email me today.