Now is the time for buying a home. There are, sadly, a lot of foreclosed properties on the market at discounted prices. . Inventory needs to be moved. This is a great time for a 30 year fixed mortgages. They have all time low rates. Now is the time to get low interest mortgage loans. You may never even need mortgage modification at prices this low.
Record low mortgage rates
History shows what mortgage rates have been. As of now, 30 year fixed mortgage rates are lower than ever. Freddie Mac has kept track of the data since 1971, and the current market rate of interest 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 couple of years ago, although they aren’t short term cash loans. After all, it is for a 30 year mortgage. Right now it is 3.86 percent for a 15 year mortgage. 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. That means less individuals want to purchase homes. Reuters reports that many are trying to refinance when a 15 year low of home sales has been hit. There is no way you’ll get a loan with poor credit sadly, and it is even harder to get credit from money lenders right about now.
Purchase with low prices and sell with high
If you have money and credit, now is a time you need to consider getting. This will help you greatly. Amazing houses are sold for very cheap right about now. You’ll never need mortgage modification or to refinance if you get your home now.