Well, I’m sure that most of you (if you have a TV, newspaper, radio or internet) have heard the news on what’s going on in the Mortgage market.  Things are changing daily, but the easiest thing to say is that it’s getting tougher to obtain a loan.  There are fewer 0% down loans and packages that we’ve become accustomed to seeing.  The most realistic effect felt by Sedona area home buyers is that the Jumbo Loans have jumped up 1% and more over the past two weeks.  (Jumbo loans are over $417k)  The FED dropped the discount rate last week by a half point – we’ll see how that affects the mortgage interest rates in the coming weeks ahead. You could look at it from a long term perspective and realize that we are being a bit jumpy about rates… check the attachment to show historical interest rates.  We’re still under 7%…. does anyone remember the 80’s…. and interest rates in the 18% range?????  I remember getting a “low interest” student loan in the 80’s and my mother told me to jump at it because it was only 9.75%… OUCH.  Thanks mom!