Home Buyer Tax Extension & Low Interest Rates

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This email just came to me this morning from my mortgage guy.  I tend to agree with him based on some of the things I have been reading lately on cnbc.com.  Take for example this article http://www.cnbc.com/id/33616897 which talks about the unwinding of the artificially cheap credit we have had access to in the last few years.
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Letter from Kevin

Just wanted to supply you with some current market information. Two points of interest:

• Homebuyer Tax Credit Extension – Should become “Official” soon. The bill has passed the Senate and needs to be approved by the House of Reps. & signed by President Obama

• Interest rates will likely go up – When? Your guess is as good as anyone’s. My crystal ball gets a little cloudy at times.

Bottom line for home buyers…..Now is still the time to buy. Just because the tax credit is going to be extended, with the potential for higher interest rates and tighter lending guidelines, purchasing power will likely decrease as time goes on.

As usual….if you have any questions, feel free to call me anytime.
Thanks,
Kevin McSwain
(Kevin’s contact information can be found on my Rolodex tab above.)