Now is the time for buying a home. There are, sadly, a lot of foreclosed properties on the market at discounted prices. . 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. So if you would like to get low interest loans for a home, now is the time. Mortgage modification can be something you should consider also.
Mortgage rates hit record low
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 also the current market interest rate for 30 year mortgages dropped this week to 4.36 percent from 4.42 percent, as outlined by Bloomberg. The low cost loans are in comparison to just a few years ago, although they aren’t short term cash 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 will be at that rate by Thanksgiving.
Plenty of inventory to move
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. However, that typically means that fewer people are buying. There is right now a 15 year low that was hit on homes being sold. Most are also refinancing, reports Reuters. There is no way you will get a loan with bad credit sadly, and it is even harder to get credit from money lenders right about now.
Buy low and sell high
For those who have money and credit, now is a time you should consider purchasing. This will help you greatly. In the right area, you can actually get into a sweet house for half the cost you normally would pay. You’ll never need mortgage modification or to refinance if you get your home now.
Additional reading
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
