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Look at the railing. In Philadelphia today Heather McNeese is ready to buy a bigger place. Perfect size for someone who never cooks. Thanks to last week's massive dip in mortgage interest rates, she says she can spend significantly more than she thought just a few months ago. with these low rates it is the best time to buy, so I have kicked my butt into gear and I'm out here and I'm going to make it happen.
In just one week mortgage applications jumped nearly 19%. Applications to refinance existing mortgages surged 39%. Realtor Mike McCann says business is booming. Is this getting people into the market who may not have a month ago? Oh yes, because what happens is people who had been looking didn't buy. Rates are down. They are saying, you know what, I'm gonna buy now. A surge that has some asking how much longer they have. We really don't know but we didn't expect rates to be this low. So the reality is probably now. The future uncertain. But for some like Heather, it's about to include a new home.
