Lowest Mortgage Interest In A Long Time

While not directly tied to the 10 year Treasury, mortgage interest tends to track it pretty closely, and today the 10 year dipped below 3% for the first time since last year. This should be incredibly good news for folks looking for a purchase or refinance loan, and it is except for a couple of details. First, loans are tough to come by, they require very good credit and substantial down payments or equity in the case of refinance applications. Second, the folks who have the level of credit and finances that lenders are looking for, characteristically have substantial stock holdings, usually 401K or similar. While interest rates are down, so are stocks, and the valuation of portfolios has taken some severe hits. It's tough to concentrate on other matters when the decline in personal wealth is so sharp and so severe, and the fear of more to come is so pervasive. This government can not accept the reality that taking from one group to give to another group is not stimulating nor creative of job or economic growth. Wealth is removed from those who would utilize it for entrepreneurial gain, creating jobs, and given or redistributed to those whose sole purpose on the planet is developing innovative strategies to take even more.
Obama is a failed President and painfully, for us, demonstrates that you can't expect executive leadership from someone with absolutely NO executive experience. Bad enough that he is hurting all of us directly but he has become a laughingstock in the international community and has diminished the luster that we rightfully enjoyed as leaders and protectors of the free world. Until very recently we were respected or feared by every nation on earth, allowing us to enjoy great freedoms for ourselves and to provide help for those who sought to emulate us, and discourage those who sought to disrupt the rights of others. With some wise choices in November, and again in 2012, we'll begin the restorative process, and we will recover, but what a waste it has been. We must take care to choose elected officials with attention to the values they adhere to, using the same techniques any employer would use, experience, ethics, goals, and a desire to leave things better than they found them. Enough of career politicians, enough of lobbying, earmarking, favoritism, and the culture of greed. Enough of fancying that bureaucrats or politicians can better determine the use of money than the people they took it away from. There are a million things that need to be done, but with the right people guiding the process, we'll get them done. The country sought out and utilized the founding fathers. We need to choose their successors with greater care than we've so far and most recently exercised.
With bodies dropping all around us, I'm pleased to note that we're still able to get you a very favorable loan, probably find a buyer for your home, or help you find a home. All of those things take a little longer than we would like, and all of them are considerably more work, but if you're realistic and patient, we'll get you to your real estate goal.
As usual,
Thanks for visiting