May 25, 2010 …Mortgage rates are at a 25-year low! Over the weekend, local lenders were quoting rates at 4.625% for a 30-year mortgage and 4.250% for a 15-year mortgage. With low rates and affordable prices, many people think that it is an ideal time to buy a home.
Of course, the Home Buyer Tax Credits, which expired with contracts written after April 30th, received a lot of publicity. However, if you shop for, and find, an attractively priced home, and take advantage of these record low rates, the long term impact can far exceed the Tax Credits that were offered.
For Home Buyers looking for Homes in the $150,000 range, a rate increase of 1% would increase your house payments by over $1,100 annually on a 30-year loan. Historically, an interest rate of 5.625% is pretty good. As you can see, Home Buyers that take advantage of rates at their historic lows lock in savings for the long term.
If you are in the market to buy a home, we would love to help you. I can not only help you find a home, but we can also help you take advantage of these great interest rates!
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Low Interest Rates
May 25, 2010 …Mortgage rates are at a 25-year low! Over the weekend, local lenders were quoting rates at 4.625% for a 30-year mortgage and 4.250% for a 15-year mortgage. With low rates and affordable prices, many people think that it is an ideal time to buy a home.
Of course, the Home Buyer Tax Credits, which expired with contracts written after April 30th, received a lot of publicity. However, if you shop for, and find, an attractively priced home, and take advantage of these record low rates, the long term impact can far exceed the Tax Credits that were offered.
For Home Buyers looking for Homes in the $150,000 range, a rate increase of 1% would increase your house payments by over $1,100 annually on a 30-year loan. Historically, an interest rate of 5.625% is pretty good. As you can see, Home Buyers that take advantage of rates at their historic lows lock in savings for the long term.
If you are in the market to buy a home, we would love to help you. I can not only help you find a home, but we can also help you take advantage of these great interest rates!