Even though America’s credit rating has been downgraded, there are still reasons for lesbian and gay home buyers to be optimistic. Because LGBT buyers have a better chance of getting a very affordable mortgage to purchase a home that is priced at incredibly affordable prices. This will allow LGBT realtors to have even lower monthly house payments.
The Silver Lining for LGBTHome Buyers
In recent weeks, mortgage rates were already extremely low. Ironically, however, the recent USA credit downgrade put further downward pressure on mortgage rates. Despite this, the median residential property price has been remarkably affordable for many months.
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For example, on the day that the markets crashed, the Fed did something completely unexpected. It announced publicly what it would do about interest rates over the next few years.
The Fed is known for being very secretive about revealing its forward-thinking policies and strategies. This time, Fed Chairman Bernanke made a bold statement stating the Fed’s agenda for the next two years and claiming that rates would be kept very low through 2013. This disclosure instilled confidence in the financial markets, and the stock market recovered almost all its losses. It also opened the door to extremely affordable mortgage rates in the next few months.
Federal Rates Have an Impact on Mortgage Rates
Instead of having to guess, LGBT borrowers can be confident that the mortgage rates will not increase. This is the next best thing than having a crystal ball on the mortgage market. This gives gay and lesbian buyers a strong incentive for taking advantage of some the lowest mortgage rates ever recorded.