If you are looking at purchasing a home, right now is the time to do it. There are, unfortunately, a lot of foreclosed properties on the market at discounted prices. Tons of people just want to sell their home. There is a lot of inventory. Much of it needs to be moved. As luck would have it, mortgage interest rates for 30 year fixed mortgages are at an all-time low. 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 check out mortgage modification.
Rates for mortgage loans low
The 30 year fixed rate mortgage rates are lower than they ever have been. 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 cash loans. We are considering a large mortgage. It is for 30 years. The rate for 15 year fixed mortgages is at 3.86 percent. 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. There is a 27 year all time high of homes for sale right about now. Getting homes is something less individuals want to do right now. Reuters reports that many are trying to refinance while a 15 year low of home sales has been hit. Now seems like extremely hard to get credit from money lenders. Also, when you have a bad credit score, you can say goodbye to any hope you had at getting a home.
High selling after low getting
However, if you have the credit and a down payment ready, this is the time to purchase. You can get an excellent deal out of homes right now. Houses sell for half what they are worth. You’ll never need mortgage modification or to refinance if you get your home now.
Further 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
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