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Mortgage relief might not last long.

Friday, January 16, 2009

Mortgage rate relief might not last long

The Federal Reserve’s announcement that it’s purchasing up to $500 billion of securities backed by Fannie Mae, Freddie Mac, and Ginnie Mae, has contributed to a reduction in mortgage rates to record lows. However, some mortgage experts warn that the low rates may not last long and could actually rise as early as this summer.

According to Celia Chen, senior director of housing economics at Moody’s Economy.com, in the second half of this year, the Federal Reserve’s program will have run its course and other issues will move to the forefront, which could push mortgage rates higher.

To read the full story, please click here:

http://www.reuters.com/article/ousiv/idUSTRE5077SJ20090108

This information was obtained by the Calif Assoc of Realtors (CAR) 1/16/09

 

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One Response to “Mortgage relief might not last long.”

  1. Karen S. on June 2, 2009 at 5:56 am

    Very helpful information to assist me in getting a good rate! We all need that nowadays! Thanks!