Local mortgage originator, Joe Massey, passed on this Wall Street Journal article about a window of opportunity for lower interest rates. Joe explained that there has been a massive sell-off in the stock market which has led to a lot of money flooding into bonds and mortgage-backed securities.
Decrease in 30 Year Fixed Interest Rates
With this recent influx of cash into mortgage bonds, there has been a significant decrease in 30 year fixed interest rates. If your clients have been on the sidelines or felt like they “missed out” when interest rates increased back in the fall… now is the time to get them back on the house hunt.
Best Time to Buy
Accordingly to Joe, buyers “have about 60 days before we’ll back into spring selling season, so right now is the best time for them to buy.”