When looking at purchasing a home, now would be an excellent time. Foreclosed properties that have discounted prices are for sell right now. Tons of people just want to sell their home. There is a lot of inventory. Much of it needs to be moved. This is a great time for a 30 year fixed mortgages. They have all time low rates. Now is when you need to get a home. Low interest home loans are all over the place. Also, right now is a good time to look at mortgage modification.
Record low mortgage rates
History shows what mortgage rates are. As of now, 30 year fixed mortgage rates are lower than ever. Freddie Mac has kept track of the data since 1971, and the current market interest rate for 30 year mortgages dropped this week to 4.36 percent from 4.42 percent, as outlined by Bloomberg. Granted, these are low cost loans compared to several years ago, but the rates aren’t exactly on short term loans. A 30 year mortgage is what we are looking at. Right now it is 3.86 percent for a 15 year mortgage. Mortgages for 30 years may continue at that rate. That would mean that they’d be at the 3.86 percent rate by Thanksgiving.
A ton of inventory around
As of right now, there is a greater supply of homes on the market than there has been since 1983. The real estate market has a 27 year all time high supply of homes for sale. However, that generally means that fewer people are buying. Reuters reports that most are trying to refinance while a 15 year low of home sales has been hit. Now seems like impossible to get credit from money lenders. Also, if you have a bad credit score, you can say goodbye to any hope you had at getting a home.
Buy cheap and sell expensive
However, for those who have the credit and a down payment ready, this is the time to purchase. You are able to get a fantastic deal out of homes right now. Houses sell for half what they’re worth. Getting a loan now can help you to never have to refinance. Also, you’d never need a mortgage modification.
Reuters
reuters.com/article/idUSTRE67P30X20100826
Bloomberg
bloomberg.com/news/2010-08-26/mortgage-rates-for-30-year-loans-decline-to-record-4-36-freddie-mac-says.html
