Does The S&P Downgrade Mean Opportunity For Home Buyers?

As we know, going into the weekend the S&P downgraded U.S. debt from a AAA rating to AA+. I am not an expert on financial markets, so am not qualified to comment on whether I feel that was the right move, or what the overall consequences will be.

However, at the very least we knowMortgage Rates that this has made folks skittish about the U.S. Economy, and uncertain about the prospect of a financial recovery. Because of this, potential home buyers, as well has homeowners looking to refinance will likely benefit from some extra time to take advantage of our historically low mortgage rates.

For much longer than would be historically expected mortgage rates have hovered at historic lows, this is largely due to government efforts to keep rates down and keep mortgages more affordable. Though these low rates have operated on borrowed time for an exceptionally long quite a while, it seems as though buyers and refinancing owners have a bit longer to capitalize, which is one of the few things in this economy that we can consider an opportunity.

Although, it won’t be much of an opportunity if someone loses their down payment in a tumbling stock market. But that is another conversation, for another time, and with someone who knows what they’re talking about.

I genuinely hope that some home owners will succeed in refinancing their home during this period and experience a palpable release of pressure on their pocket books.

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