Mortgage rates have been searching for direction in the past week leading into today's Federal
Open Market Committee meeting (FOMC). From this meeting, we learned that The Fed has no intention of tightening credit policy and they continue to be committed to purchasing up to $1.25 trillion of agency mortgage-backed securities. What does this mean? It means short term we expect rates to hang right around where they are right now (there's always a chance for fluctuation). Long term we expect to see rates climb (that's what happens when economic indicators show a growing economy, and there have been some signs of this).Rates
Currently, the national average for a 30 year fixed mortgage is at about 5.38%, which can still help many people qualify for the purchase or refinance they've been looking for. Plus, that $8,000 tax credit for first-time homebuyers is still available.
No Payments To Make
Lately we have been focusing much of our efforts on reverse mortgages. It has been exciting to help people get out of some financial pickles and dispell some of the myths about these HUD backed and FHA insured products. In fact, did you know you can make a home purchase with a reverse mortgage and never have a single payment?
Please call us to RSVP for our next Reverse Mortgage Seminar coming up on July 1st at 11:30am. Whether you're a consumer, agent, builder, financial planner or another profession, you can greatly benefit from this information.
Thank you
We are blessed to live in such a wonderful area with such great people to do business with. We appreciate you and continually wish you the best. We hope this information is informative. If you have any suggestions of topics to discuss in future emails, please let us know.
Warm regards,
Brett Menzie





