– Rock-bottom mortgage rates: Mortgage rates are at their lowest point in some five decades. Whether you’re buying or refinancing, this is an incredible opportunity to lock in a record-low mortgage rate.
– The Federal Reserve: No other government entity has been able to do more for the housing market than the Fed. Its purchase of mortgage-backed securities and Treasuries between late 2008 and early 2010 has been the driving force behind record-low mortgage rates.
– Cheap real estate: One homeowner’s loss is another homebuyer’s boon. Falling home prices offer incredibly cheap deals for potential buyers. With many analysts predicting that home prices have already hit bottom, today’s buyers stand to purchase an investment that may have high potential upside in the coming years
– Fannie and Freddie are still in business: Although Fannie Mae and Freddie Mac are hemorrhaging billions of dollars, if they went out of business there would be practically no mortgage market to speak of — which would bring mortgage lending to a screeching halt. Love them or hate them, Fannie and Freddie have been a stabilizing force in some very rocky markets over the past couple of years.
Inspired to look into home buying this Thanksgiving?