If you are looking at purchasing a home, right now is the time to do it. Foreclosed properties that have discounted prices are for sell right now. You will find a lot of homes people just want to get rid of. There is also a lot of inventory to move. This is a fantastic 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. You may never even need mortgage modification at prices this low.
Rates for mortgage loans low
Currently, the interest rates on 30 year fixed rate mortgages are at the lowest point they have ever been on record. Mortgages this week went down from 4.36 percent to 4.42 percent, reports Bloomberg. The data has been something Freddie Mac kept track of since 1971. The low cost loans are in comparison to just a few years ago, although they aren’t short term loans. A 30 year mortgage is what we are looking at. A 15 year mortgage is less. It is about 3.86 percent. At this rate, 30 year mortgages could be at that rate by Thanksgiving.
A lot of inventory
You will find a lot of homes needing to be sold. In fact, it hasn’t been this bad since 1983. The real estate market has a 27 year all time high supply of homes for sale. That means less individuals want to purchase homes. There is right now a 15 year low that was hit on homes being sold. Most are also refinancing, reports Reuters. The unfortunate corollary to all this is that getting credit from money lenders is harder than ever, and the era of unchecked loans for bad credit for purchasing a home is completely over.
Sell homes for a lot after purchasing at low prices
However, if you have the credit and a down payment ready, this is the time to buy. Awesome houses are sold for very cheap right about now. You will never need mortgage modification or to refinance if you get your home now.
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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
