There was exciting news out of the media last week regarding interest rates – the Federal Reserve was going to effectively force mortgage rates down to 4.5%. As we suspected, this was wishful thinking. Consider the following excerpt from an article written by a financial advisor we follow:
“The Treasury Department shook the markets temporarily on Thursday, announcing a plan to stimulate home sales by lowering mortgage rates to 4.5%. But upon further review, a wait-and-see attitude prevailed.”
Bottom line, we’ll believe it when we see it.