Rates have Dropped a full .25% in one week!!

Rates have dropped .25% in the last week and home prices are still coming down with a glut of homes on the market in many areas. This is really a great time if you are looking to buy a home or refi your existing mortgage. Do not be lulled into thinking rates are going to go even lower. This is a short term rally in the bond market because it appears that JUST MAYBE the Feds may NOT raise rates when they meet August 8. They may give us a break until September 26 when they meet again. Of course this is all just speculation and that is why we have this rally! Happy house hunting and mortgage shopping. Do your homework. Get the lowest rates and fees possible.The first thing is that you need to have good credit scores. You can check your credit scores online at My Fico.Com or Equifax.
Next, you need to have some savings for a 5% or more down payment. Do you have a good way to save for a down payment? We highly recommend Emigrant Direct. They pay 5.15% on their savings account, with no minimums, no fees. www.rateinformer.com