INFO THAT HITS US WHERE WE LIVE Last week had some bad news/good news for the housing market. Bad news: the U.S. Census Bureau announced that residential construction spending for March hit its lowest level in five years. Good news: less new construction means fewer homes will be added to the inventory.

Then some real good news came Wednesday. The Fed announced another 0.25% rate cut. Even better, many economists interpreted the Fed’s comments to mean they will cut rates no more. This is GREAT news for us because the message is clear to homebuyers who’ve been waiting on the sidelines for rates to bottom out: BETTER GET IN THE GAME!

Finally, one more factoid you won’t find highlighted in the mass media. At the end of last year FULLY 65% OF ALL OUTSTANDING MORTGAGES were FIXED RATE LOANS made to PRIME-RATED BORROWERS.

For more information regarding mortgages, contact me at (636) 305-9248.