If you’ve been waiting for a sign that it’s time to buy a home, you got it on Monday. According to MSNBC.com, mortgage rates dropped sharply on Monday. Bob Walters, chief economist at Quicken Loans said, “I’ve seen a drop like this happen maybe two or three times in my 17 years in the business”. After dropping from over 6.25% to 5.88% on Monday, a 30 year fixed rate mortgage now has a rate around 6% today. For the whole story read, “Mortgage rates drop sharply after bailout plan“.
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