The Federal Reserve announced a key interest rate cut on Tuesday, with an emergency intersession rate cut of .75%. This cut was made in direct response to recent reports that the country is on the brink of recession and plummeting Dow Jones industrials. At one point last week the Dow Jones was down 465 points, has recovered much of those losses, but is expected to remain volatile during the days ahead. During a video conference, the Federal Reserve indicated that further rate reductions were likely. They are hopeful that these cuts will help Americans to feel more comfortable and, thereby, start spending their hard earned dollars again.
How will this effect the Wilmington Real Estate Market? If you have adjustable rate mortgages, the Fed's decision to cut this key interest rate is great news. For long-term mortgage rates, however, this could signal an end to the lowest 30-year home loan rates borrowers have experienced since 2005. When the Fed cut rates in 2001 and 2003, home loan rates rose slightly .10-.78%.
Wilmington has many properties in all price ranges and now is the time to buy.
For more information on available homes and financing options, please contact me or visit me on the web at http://www.thekeytowilmington.com/
Rates are still very attractive. Things are very active here in the Wilmington area. Hope your market is experiencing lots of activity as well.