Rates Drop!

Finally something positive to talk about!!!

Fed's announced that they will purchase $600 billion worth of Mortgage-Backed Securities backed by Fannie Mae, Freddie Mac and Ginnie Mae. This should help increase the availability of credit, while lowering fixed rate mortgage rates. In addition, the Fed will allocate $200 billion to create liquidity in the auto, student, and small business markets.

This is AWESOME news. This will help build consumer confidence and is the perfect time to call your buyers that have been sitting on the fence and take them out looking. This may not last long so don't waste time.