Yesterday was a great day. It seemed the stars all aligned for the ideal situation for a potential home buyer—and therefore a great situation for mortgage loan professionals. What happened yesterday?
Well, first of all, I saw lower interest rates announced at some of the mortgage companies I follow on Twitter. For the past couple of weeks, I have seen rates advertised in the 5% range. But yesterday, the rate was back down to 4.875%. I certainly saw that as newsworthy and exciting news for home-seekers.
Secondly, the labor department announced that the unemployment rate (with seasonal adjustment), dropped from 10% to 9.7% for January. According to the U.S. Bureau of Labor Statistics, only 11 states surpass the national average unemployment rate. That means 41 states are doing better! Will 2010 be the year we all go back to work?
Lastly, the homebuyer credit for 2009 is still in effect. I realize that this is old news, but it’s still good news and it really falls in nicely with the other factors, right?
So you see? Yesterday was a great day. And there could be many more just like it. Are you primed?