Lifting a quote from Bob Walters, chief economist for Quicken Loans, reveals that now may be a very opportunistic time to secure a mortgage. Speaking to the rate drop to 5.8% this week, the sixth drop in six weeks, he discloses that as long as rates remain in this range, it’s likely that strong mortgage activity will continue, “as consumers take advantage of a holiday gift that comes in the form of lower or more secure mortgage payments.”

The reason for this enthusiasm can be found in the Federal Reserve’s decision to purchase 600 billion in mortgage backed securities, a decision that sent fixed rates on 30 year loans to the 5.8% mark. Yet, at the same time, the raw number of mortgage applications, perhaps because of the Thanksgiving holiday, dropped 7.1% last week. The good news in this is that there are 7.1 percent fewer potential buyers looking for what you may be looking for. So, lifting another perspective from Jerome Scarpello, of Leo Mortgage in Ambler, who is speaking of buyers with secure jobs and good credit, “if you are smart, you can get a bargain”

Home prices are down. Rates are great, and it’s a great time to be buying real estate in Delaware county if you are in the position to do so.

A word to the wise…