30 Year Low for Mortgage Rates

With interest rates at a 30 year low down to 4.71% lower than last weeks reported low of 4.78% some buyers will sit on the sidelines and wonder if they will get even lower before they jump into the market. But before you hit the "snooze button" and check out remember that the market is changing quickly. If you are serious about buying your dream home, now is the time. Spring will bring other pressures to the market

You Want to Wait?

This article from the Washington Times on-line paper today states that soon the government will have to end its near total purchase of mortgages that have been generated so far this year. The extension of the first time home buyer credit will stabilize the already shaky real estate market, but only as long as the credit is available. With the eventual withdrawal from the market banks will have to pick up the slack with the mortgages. In a nutshell this means that rates will go up sometime in spring of 2010. Banks are in the business to make money and at 4.78% for a 30 year fixed note, banks generally are not too excited about these low rates. Many experts agree that rates will increase at least one percent to 6%. While this is still historically low, the increase in interest rate has a negative consequence to a buyers purchasing ability. This is what concerns most real estate experts and should most definitely concern soon-to-be home sellers. The old adage that "Spring" is the time to sell is gone in this market. If you are serious about selling NOW is the time to put your home on the market. Waiting could cost you thousands of dollars. If you would like to know more feel free to call me and we can talk, no strings attached, as to why this is the case. You can always reach me toll free at 1-888-HEY GLEN.