Clustrmaps
Posts Tagged ‘mortgage rates’
Mortgage Rates Hit New Low Due to Debt Crisis in Europe
When it comes to the real estate market these days, we have all been hearing ups and downs and it may feel like we are on a rollercoaster. One minute we are hearing some good news, the next minute some not so good news. The fact is that until the economy gets better, the real estate market will continue to struggle and we may all just have to hang on for the ride.
This week mortgage rates have hit some historic lows. This is all due to Europe’s debt crisis. Nervous investors are leaving for the more secure U.S. Treasuries which has caused consumer interest rates to become more influenced and this includes mortgage rates. The current rate for a thirty year fixed loan is 4.87 percent, the lowest it’s been in thirty years.
Other rates such as those for jumbo loans have also fallen. The thirty year fixed jumbo loan is at 4.5 percent which is six percent lower than last year at this same time.
It is a great time for homebuyers to buy and for homeowners to consider refinancing. If you are a homeowner looking to refinance and are also eligible for the Home Affordability Refinance Program which allows homeowners to refinance into low mortgage interest rates even if your property value has gone down, then now may be the best time to consider this option. This program is available from now until June 2011.
This may be a great time for homeowners to refinance or home buyers to get a good deal but only if you are quick about it. These rates will probably only last for a month or two. Europe’s investors will soon be looking for other security besides the U.S. Treasury and this will push these rates back on. So, if you are thinking about buying or refinancing, you better act now while you can still get a low rate. The offer may be gone as quickly as tomorrow.
Number of Views :146Ten Million More Homes Could Be For Sale
Many mortgage rates are still lower than they have been since the 1950s and national home prices are down by twenty percent and the government is offering many tax incentives for many home buyers. So, many people may think that this is the best time to buy a home, but some home buyers want to know if this is actually true. Here are some things to consider before buying a home. This way you can make the best decision possible when deciding whether or not to buy a home.
It may be a good time to buy a home if you have excellent or very good credit and you have the money to put down a decent down payment and if you plan to stay in the home for at least ten years. This is because there are buying tax incentives for first time home buyers and current homeowners.
According to recent reports eight percent of homeowners or about ten million homes are willing to sell their homes if their local market is doing well. There are currently 3.6 million existing homes and 236,000 new homes for sale all across America. However, some of these homes are wrapped up in foreclosure and other problems and many people may be waiting to buy a home because of unsteady income, employment concerns, and how their local housing markets may be doing.
Home buying may still be very positive, but it is important to only buy a home if you can truly afford it and will plan to live in the home for a long time. If you are just thinking of home as an investment, then it may be best to wait until the market is steadier due to unemployment rates and local market conditions. It is also important to pay close attention to current reports and how the market is doing before making any big decisions about buying a home.
Number of Views :130