What does the news about the Federal Government takeover of Fannie Mae and Freddie Mac mean to Rochester area home buyers and sellers? The biggest immediate news is a significant drop in mortgage rates.
If you are currently under contract for the purchase of a property, call your lender tomorrow morning to see if you qualify for a rate reduction. These better deals are reserved for buyers with the best credit scores, generally 700 or better. And if you are in the process of shopping for property, consider getting re-qualified as a lower interest rate may qualify you for a larger loan amount.
Is this the end of the downturn of the local real estate market? I doubt it, but it sure can't hurt!