Term Asset-Backed Securities Loan Facility – TALF
There is continuing good news in the home mortgage industry – helping make it easier for people to buy homes in Orange County and other areas across the United States. This morning, Tuesday, November 25, The Fed announced they’ve created the “TALF” - Term Asset-Backed Securities Loan Facility - as a way to assist holders of securities backed by credit card debt, student loans, auto loans and small business loans.
What does this mean to you as a home buyer? Great news! Look for lower interest rates on home mortgages, a more diverse set of options for home loans, and momentum building in the Orange County Real Estate market. Yeeeehawww! And with home continuing to hold steady at low low prices – now’s the time to seriously look at what you can do to get into the Real Estate market – as a first time buyer, a savvy investor, or a move-up buyer looking for a great value on a bigger home. It’s a great time to buy Real Estate in Orange County, CA.
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Today’s rate drop was AMAZING! This morning I walked into the office after the Treasury Department Chairman, Hank Paulson, announcment and we were doing everything we could to get the word out to people. I was able to lock in several deals this morning at 5.375% on a $417,000 loan amount (80% LTV) with NO POINTS.
To recap, Hank Paulson announced that the federal government would purchase $600 billion in debt from Fannie/Freddie/Ginne Mae freeing up desperately needed liquidity to the mortgage lending market. The spread which was holding rates higher was drastically reduced on word of the capital infusion to the market.
According to Bankrate.com the average U.S. rate for a 30-year fixed mortgage ended the day at about 5.5 percent after falling to as low as 5.25 percent. The rate was 6.38% previously.