Feds cut interest rates AGAIN!

The feds cut interest rates again last week, the fifth straight cut since September 2007. Many are confused about what this means to them. I think some assume that this means that mortgage interest rates will automatically fall, and it doesn't mean that. We are currently seeing the lowest rates we've seen in many years. These interest rates may actually go up, based on recent trends and historical performance. So, if you are waiting to buy a home until the rates get even better, WAIT NO MORE! Lock in a rate now, if you can. THIS IS A GREAT TIME TO BUY A HOME! Here in Ann Arbor, it is a Buyer's market. The prices are terrific (in addition to the interest rates) and there are lots of homes to choose from. Back to the fed cut... if you have a loan that's directly tied to the Prime rate, this could be good news for your interest rate. Home Eqity lines of credit and variable rate credit cards are often examples of these types of loans. Ann Arbor real estate has not been this good to buyers in a very long time. Take advantage of it now!