Will the S&P Downgrade Asheville Mortgage Rates?

The Standard & Poor downgraded of the U.S.'s credit rating despite Congress reaching a deal in the final hours on the debt ceiling crisis last week. The home buyer must be asking what does this mean. Frankly at this time I do not believe a lot. Interest rates are still an all time low and until unemployment and the economy improve I do not believe we will see a big impact right now.  However the future impact on our wallets could cost us if the government does not get their act together. Standard and Poor's downgrade of the nation's credit rating is similar to what would happen if your own credit score declined however keep in mind we still have a S&P downgraded the U.S.'s top-notch AAA credit rating for the first time in history, moving it down one notch to AA+; the rating reflects a downgrade in S&P’s confidence in the U.S. government’s ability to repay its debts over time. It’s not clear, however, whether S&P’s downgrade will instantly affect rates, analysts say. If the government does not make some changes quickly and if more blunders are on the horizon it could be very costly to us all.

As of now Asheville Real Estate is still up over last year and I believe will continue through this season. This week most likely will be slow until the stock market figures out what to do.  

The 10-year Treasury note is considered the basis for all other interest rates and with the government having to pay more for the sale amount of money will in the near future cost us more.

So all we can do is hang on get up each morning a brush ourselves off and be productive.