The Fed did what they set out to do – purchasing $1.25 Trillion in Mortgage Backed Securities, and succeeding in their plan to lower home loan rates and help stabilize the housing sector. And even though they stretched out the length of the program slightly – in order to soften the impact of the end of the program – the training wheels are now off, the safety net is gone, and home loan rates have already moved higher. In fact – as the Fed will now gradually become a seller of their massive holdings of Mortgage Backed Securities – rates are very likely to continue to move higher still.
Even after home loan rates took a jump higher last week, they still remain at reasonably low levels – which makes right now a crucial time to take advantage of the opportunities that exist, including the Homebuyers Tax Credit which is down to its last month. To take advantage of the generous credit, purchase contracts must be signed by the end of April.
Hopefully with what they’re doing, it’ll bring our economy back on it’s feet. I’m tired of hearing people go, it’s because of the economy, it’s because of the recession, blah blah. I want to see what we do because it’s what we did.
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