The Debt Downgrade For Mortgages

So, we all went into a bit of a miserable mode when we learned that our country went from AAA to just AA+. Felt like we were failing in 4th grade. And, I wondered if we'd be able to find some good in this announcement.

But, of course, I am the 'Glass is 1/2 Full' Witzy, so I knew there would be something that would come of it that is good for people buying/selling homes.

Interest rates are even lower. But, they probably won't stay that way for a long time. Just like when you buy a home, if your credit isn't so great, your interest rate is higher than the next guy. So, with our rating drop, our rates, as a country will go up. And, we, as the people, will pay that somehow. And, most likely, consumer interest rates will go up to assist in that pay-off.

CNNMoney article here:

What The Debt Downgrade Means For Your Mortgage

Although many do still consider that home values haven't quite hit bottom, I do believe that with these low rates, it is time to buy. If you wait for bottom, you may have interest rates that are closer to the top than you can't afford to pay.