Thanks to our Federal Reserve Chairman, Ben Bernanke, and the rest
of our philanthropic, elected and non elected/appointed, federal officials,
mortgage rates have once again hit record lows. 60 year record lows to be exact!
According to CNN Money’s news article entitled “Mortgage
Rates Hit Record Low“, the average 30 year fixed-rate loan fell to
4.09% this week. Now that’s impressive if
you are a bank looking to sell off the home you just repossessed, from
one of my neighbors, for the highest dollar you can. But, for prudent investors
and home seeker looking to capitalize on their personal sacrifice, hard work,
and planning it’s a bit shy of the American dream. As a matter of fact it’s
downright scoundrel and also known as a monopoly and unfair trade in legal
terms. I think we may even have laws against it.
If we take a good look, it’s no secret that our government wants
to be sure that its best friend, the banks, have divested of enough of the bad assets
on their books before it give us, the prudent, a crack at making sound investments
to advance our personal wealth.
I think if we all stick-it-out just a little longer, the government
will run out of expendable funds and
will not be able to continue helping banks. At some point, 30 year fixed mortgage interest
rates will hit 7% and there will be “blood on the street” – then our opportunity will have arrived.