Myth: Believe Everything Written About Interest Rates in 2009

Myth: Believe Everything You Read About Mortgage Interest Rates in 2009

I will be the first to admit it…I was wrong! My most popular blog post ever is Myth: Mortgage Interest Rates Will Plummet in 2008.  It has been read over 2,500 times.  The sad part about it is that I was not correct…I was unable to predict the future

The blog post was about how mortgage interest rates work and that they are not directly tied to the Federal Funds Rate.  While that fact remains true, the overall blog post spoke about the huge Fed cut early in 2008 and the economic stumulus package and how it would energize the economy thus forcing mortgage interest rates to climb.  Looking back on 2008, that obviously did NOT happen! In fact, the exact opposite happened…the economy plunged and mortgage interest rates fell to their lowest levels in recent history.  Of course, the faltering economy was a result of many other factors that I (and most people) did know about at the time of the original blog post.

So the moral of this New Orleans real estate blog post…it is very hard to predict the future.  When making a decision about locking in interest rates, buying or selling a house, or any other real estate action, the best you can do is to review all of the information currently at hand and proceed accordingly.  Educate yourself to the best of your ability by gathering information and speaking directly to real estate professionals. Armed with that knowledge you should be alright!

You may also be interested in: New Orleans Real Estate – The Definitive Blog

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This New Orleans real estate blog post was provided by Darryl Glade, Realtor with RE/MAX N.O. Properties. Darryl can be reached at darrylglade@remax.net or by phone at 504.451.8960. Darryl’s real estate office is conveniently located in Uptown New Orleans at 8001 Maple Street. Darryl works throughout the Greater New Orleans area including Uptown, Lakeview, Broadmoor, Mid-City, Metairie, Kenner, Westbank, French Quarter, and the Warehouse District.

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