Loss of AAA-Credit Rating Yet to Affect Mortgage Rates: Good News for Buyers of House Foreclosures in GA
When Standard & Poor downgraded the U.S. credit rating from AAA to AA+, industry analysts immediately forecasted a rise in mortgage interest rates, dire news for an already floundering real estate market loaded with home foreclosures. In Georgia's still struggling housing market, higher rates would have just add ed to the bleak outlook.
However, it has yet to happen. Why? Most analysts say that concerns over Europe and the weak economy are trumping the downgrade. Even the downgrade of mortgage giants Fannie Mae and Freddie Mac have yet to increase rates. In fact, even though the Dow continues to plummet, the U.S. is still viewed as relatively safe by investors. A lot of money that is being withdrawn from investments is going into Treasury and mortgage bonds, good news for buyers seeking low rates for of home foreclosures in Georgia seeking low rates..
While the news about interest rates is good now, that does not make mean the impact of the downgrade is not coming. The uncertainty in the global market means changes can happen in minutes. If you are thinking about purchasing house foreclosures in GA, lock in your rate now.
Contact United Community Bank at (866) 270-7200 to discuss mortgage rates and home foreclosures in Georgia that might meet your criteria. Our professionals can help you decide the right move for your current financial situation and future goals.