The headlines in the local Island Packet said “National Mortgage Rates Lowest in 57 Years.” The actual article went on to say it was actually 37 years – it was a misprint – but who’s counting. 37 years is a long, long time - I was not even in the real estate business 37 years ago. [...]
Interest Rate Cuts
By James Wedgeworth on December 18th, 2008Great News! Interest rates have been reduced and the fed has cut the key lending rates. The national average for a 30-year mortgage is at 5.06% – the lowest since 1960. Great for Real Estate Obviously this is great for the real estate market because it makes housing more affordable. In fact, housing might be [...]
Willey doesn’t want the Ball
By James Wedgeworth on November 4th, 2008I remember a story I heard when I was in high school about a coach who sent a play in at a football game and told the guy that was running the play in to tell the quarterback to give the ball to Willey. It was 4th and 2; they were in the huddle and [...]
Meltdown 101: Who Owns My Mortgage?
By James Wedgeworth on October 24th, 2008NEW YORK – When you sit at your kitchen table and write your monthly mortgage check, your signature may be the first stop on a journey that takes your money to the other side of the world. Chances are, your bank has resold your mortgage and the Chinese government, a teachers’ pension fund in Holland, [...]
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