True or False

True or False – Every cloud has a silver lining.  True.  Even the black cloud surrounding Wall Street these days has a silver lining.  What is it?  Well one aspect could be that mortgage rates are going down due to the government take over of Fannie Mae and Freddie Mac. The national average for a 30-year fixed-rate loan was 5.93% for the week ending Thursday, down from 6.35% the prior week and 6.31% a year ago.  What does that mean for you the potential home buyer?  It means that you will pay less per month for your new home and less overall for the life of your loan in interest.  That’s a good thing.  So if you are tired of renting, which amounts to paying someone else’s mortgage or just outright giving them passive income, and want to own your own home, now is the time to buy. 

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