Wow! The bond investors are not reacting well to all the bad news on global debt. Bonds fell off a cliff with news that Portugal's bond rating went to AA-. Additionally, the official end of the FEDs purchase of MBS is next Wednesday. There is much speculation on whether Moodys will lower the credit rating of the US, as our ability to pay back this massive debt is in question.
So what does all this mumbo-jumbo mean to you the Real Estate Broker in Brunswick County.......the time could be drawing near for us to see a big jump in mortgage rates. We could see a 1/2 to 1% jump.
Make that phone call to all those potential customers that have been trying to chisel a few dollars off an already great price. A 1/2 to 1% bump could easily eat up any potential saving.
Maybe you can negotiate some seller concession, enough to buy the rate down a little to sweeten the deal.
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