Rates Have Dropped

Rates have dropped but so have the amount of people who can get loans. So far 152 banks have gone under or been bought. With the tightening standards that have been slowly set into place the last 4 months the banks have to find someone to give loans too.

In comes lower rates. People with the kind of qualifications need prior to the 2000's are needed to sustain things. So interests rates of dropped for the fixed product while the 1 year ARM has jumped. This is the interesting position we are in with these large changes. Everyone has an opinion but we don't know how instituted changes will affect us for the long term. Rates are still great historically.

We had 9% in the mid-90's and 18%+ in the early 80's. If you have good credit and have the ability, this fall/winter may be a good time to buy.