Rates Dropping

Rates may be dropping again…at least for now…

The Federal Reserve announced this afternoon that they will continue to purchase $85 Billion per month in Mortgage Backed Securities. This is welcome news for the bond market and as a result interest rates are heading back down today. The Fed Chairman did say that bond buying my start tapering later this year if the economy shows more signs of improvement.

A good take away from this announcement: we may be looking at another short window of lower interest rates. Those sitting on the fence should take notice as the time to refinance may be now and if you have been seriously thinking of purchasing a new home, your monthly payment could look better today than it has over this past month or two.

If you or anyone you know wants to refinance or needs to be pre-approved for their new Maine home, please have them give me a call at 207-883-2003.