The Federal Reserve will stop buying securities backed by Fannie Mae, Freddie Mac and Ginnie Mae effective March 31st. The impact is expected to be higher interest rates, as much as a full percentage initially. The Fed has indicated that they may step back in if interest rates spike too high.
This forecasted change in mortgage rates, along with the upcoming deadline for the home buyer's tax credits on April 30th, make this a prime time for those looking to buy.
With the uptick in buying activity this Spring, it may also be an opportune window for those who've been holding off selling their home.
Monday, February 15, 2010
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