Mortgage rates drop to record lows. Significant for buyers. Significant for distressed sellers.

Freddie Mac reported this morning that The 30-year mortgage rate dropped again, down to 4.57%.  This is significant for your potential buyers, because it means they will pay less to finance a home than they have in quite some time.  This will be especially positive for  your buyers who had a contract in place by April 30th but who have not yet closed.  The tax credit has been extended and they will now be able to lock at a lower rate.  (For reference: http://www.nytimes.com/2010/07/01/us/01brfs-HOMEBUYERSTA_BRF.html)

For distressed sellers it means that buyers who are are able, will still be looking to buy.  This means that there is still hope that they will be able to get out of the distressed situation and begin to pick up the pieces.

For more information, please direct your browser to: http://www.foxbusiness.com/story/markets/industries/real-estate/freddie–year-fixed-rate-mortgage-record-low/

Should you have any questions, please do not hesitate to contact me.

Yours in Success,

Trent from CSSP

trent.whatcott@cwyholdings.com.