Interest Rate Drops Again...Causes Buyer Frenzy!

Posted by The Lohser Group Cleveland on Thursday, January 24th, 2008 at 11:43am.

In an unexpected move by the The Federal Reserve yesterday, interest rates were cut by 3/4 of a percent.  This brings the federal funds rate down from 4.25% to 3.5%.

As if rates weren't already super low this move has seemed to send the message to buyers on the fence that the time to buy is now!   Its like a stock you have been watching for weeks as it falls and waiting for the perfect time to buy. 

This rate reduction in downtown Cleveland creates an almost ridiculous investment opportunity.  Because of the NCHAMP program (see NCHAMP blog) you can go ahead and take an additional 1.5% off the already unprecedented rate. 

All jokes aside people, you have the opportunity to get a new luxurious condo in a quickly gentrifying area for less than it would cost you to rent in a lot of cases...did I mention that includes tax?!

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