AAA Blog

Important Dates Coming Up

There are some important dates coming up.  The first is April 1st.  The Fed is suspending its purchase of Mortgage Backed Securities as of March 31st.  What does this mean?  At this time the Fed is buying 2/3rds of all mortgages.  With the absense of the largest buyer interest rates will have to rise to entice new investors.  This is not an April fools joke, or perhaps it is (Not Funny Federal Reserve).  This will certainly be a jab to the already shakey housing market.  Top Government officials are hoping for no more than  a .25% to .75% rate increase.  According to officials this would be an acceptable shift. 

If you are looking to buy or refinance in the short term it is advisable to lock in before the market shifts.  If you are wondering when we hit the bottom, here you go!

The 2nd key date is April 30th.  In oder to take advantage of the 1st time homebuyer tax credit, you must be under contract by April 30th.  Don't expect an extension.  It looks like this is it.  Please get out now, as the deadline approaches offers will become more competitive as folks scramble to finalize their contracts.  Stay ahead of the game and good luck!