The Feds finally began sparingly buying troubled mortgage assets with the TARP (Troubled Asset Releif Program) funds they were given late last year.
You may remember it as the $700B Bailout but those of us in the industry have been anxiously awaiting the Feds to finally start buying assets and freeing up bank funds to make new loans.
Experts expect that within the next 2-3 months we should see mortgage rate fall into the 3.5%-4% range! This is incredible news and great way to jump start the housing markets in 2009.
We were already in the midst of a mini refinance boom at the end of 2008 and this will further drive current homeowners to try to lock in the lower rates with a refinance. We anticipate much investor interest in the housing market with the combination of low rates and low housing pricing. The pieces just may finally be in place for a rebound or at least a solid bottom and inching up of the housing market in Florida.
Florida has suffered more than other other state next to California with regard to the poor housing market. We look forward to assisting as many people as possible with taking advantage of the low rates and low housing costs. We are proud to be one of the remaining Florida mortgage company‘s still offering outstanding customer service with a personal touch.