History In The Making

Last night after months of waiting, the future path of our country was chosen. Barack Obama will be our next President. He will be our first African American President. Everyone now can move on and prepare for the new direction our country will be taking. The real estate market has been very unpredictable this year and hopefully with his leadership things will improve.

An interesting thing happened overnight. The interest rate quoted by a local lender dropped to around 6% on a fixed rate 30 year mortgage with a borrower having a 720 or higher credit score. The interest rates have been around 6.5% to 6.875% recently. It will be very exciting if the interest rates continue to drop over the next couple of months especially if the econmony improves.

Check with your local lender to see how their interest rates are doing and hopefully they will continue to drop. Please email me at todd@toddnelson.com with an real estate related questions.