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What the Bailout of Fannie and Freddie Means to You
As of this week, two amazing things happened: the Federal government moved to shore up mortgage agencies Fannie Mae and Freddie Mac, and Kate Moss’ line of clothes for British firm Topshop became available in the U.S.
The Fannie/Freddie news caused the best mortgage rates in a long time – we got a first day bounce down 3/8ths of a point - which rarely happens. (For ongoing rate moves, check out FiLife’s mortgage rate search.)
However, let me give you a word of consumer caution: not everyone who CAN buy skinny jeans SHOULD. God simply did not build all of us to look like Kate Moss.
Similarly, while lower mortgage rates are great for buyers, it doesn’t mean that every potential buyer should now rush headlong into the housing market.
If you were planning to buy anyway — let’s say you were already financially qualified — great, take advantage of the hot new fashion.
But if last week you were on the sidelines struggling to scrape together a 3% down payment, don’t try to squeeze yourself into the latest loan just because it’s cheap today. It’s still not really right for you, and, chances are, it won’t look that good on the back end.
-Alison Rogers, FiLife’s Real Estate Guru
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I’m sure no one that reads this site cares, but this is certainly not the first week that Kate Moss’ line for Top Shop has been available in the States. It might the first week for this season’s collection, but it’s been on sale for a year and a half at Barneys.
So your metaphor doesn’t really work. Unless there have been good deals all along and people didn’t notice, like Moss’ line at the Barneys Warehouse Sale.
hey Jess! Thanks reading and for pointing out that Moss’s stuff has been available at Barneys for a while. I bet some of our readers do care.
We could have been a bit more specific in our post - instead we just linked to a related article with the news that:
Kate Moss just launched a website to accompany her first full U.S. store. The site and new stores might make it easier to get her clothes…just like it might be easier to get a mortgage right now…