Idaho mortgage rates plunge >> Huge one day drop
Did you know that mortgage rates took nearly a 1% drop last Friday the 28th of November 2008? This is great news for those looking to buy a home. Home buyers now have awesome interest rates to go with incredibly low prices on homes which include record numbers of foreclosures.
The federal reserve announcement last Tuesday the 25th of November, 2008 that it would spend 600 million dollars to buy up mortgage-backed securities and this news sent mortgage rates plummeting nearly 1 full percentage point on Friday, the largest single day drop in years.
One lender in my area quoted as low as 5.25% for 30 year conventional loans and 5.5% for FHA 30 year loans. With mortgage rates hovering in the 6-6 1/2% range for most of the year this is big news and a huge shot in the arm to a struggling real estate market.
I have been saying for months that mortgage rates needed to fall even below 5% to help our Idaho real estate market. With some of the best prices on Idaho homes in years this has to be one of the best home buying opportunities I have seen in my nearly 29 years as a licensed Realtor in the state of Idaho.
There is no guarantee this opportunity of low mortgage rates and bargain prices on homes will last long. Start your search for a home which includes bank owned foreclosures by going to Find My Idaho Home and contact me to get approved for a new loan. I have put my money where my mouth is and have recently purchased a bank foreclosure. Don't wait!