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Low Interest Rates Aren’t Expected To Last – Now Is The Time To Buy A Home

October 25, 2013 by Eric Lowry Leave a Comment

Low Interest Rates Aren’t Expected To Last – Now Is The Time To Buy A Home

Interest Rate MovementThe real estate market is currently experiencing a huge window of opportunity for homebuyers. The Federal Reserve has been buying $85 million worth of bonds monthly. This has allowed the interest rates on mortgages to drop low in the first half of the year. Over the summer, we saw a steady increase in interest rates. This was due to a rumor that the Fed was going to stop buying bonds. Recently, however, the Fed has announced that they plan to continue to purchase bonds. What does that mean for you as a homebuyer? Well, it means that as of the announcement, interest rates are experiencing a temporary drop. This drop in interest rates greatly affects your purchasing power. These low interest rates could mean the difference between you buying your dream home or settling for your second choice.

However, it is expected that the Fed is going to begin to taper their bond purchasing in December. Ben Bernake, Chairman of the Federal Reserve, states “If the data confirms our basic outlook, then we could move later this year.” This taper in bond purchases will drive interest rates back up. The National Association of Realtors, the Mortgage Bankers Association, Fannie Mae, and Freddie Mac all predict around a 1% increase in interest rates by this time next year. So if you have been on the fence about buying a home, let this be the push you need. This is your window of opportunity – don’t waste it.

Other articles that may interest you:

First Time Homebuyer Series:  Can You Afford To Keep Renting?

First Time Homebuyer Series:  3 Steps To Getting Started

Filed Under: Buyers, Eric Lowry's Articles, Financing, Real Estate Market Reports Tagged With: Buying A Home, Home Mortgages, Homebuyers, Interest Rates, Keller Williams Realty, Low Interest Rates Aren't Expected To Last - Now Is The Time To Buy A Home, Mason Ohio Real Estate, West Chester Ohio Real Estate

West Chester & Mason Ohio Real Estate: This Month In Real Estate – October 2013

October 9, 2013 by Eric Lowry Leave a Comment

West Chester & Mason Ohio Real Estate: This Month In Real Estate – October 2013

This Month In Real Estate for October 2013:  Factors that drive first time home purchases  and taking a look at the national home sale numbers.

Home sales nationally continued to improve in both unit sales numbers as well as increases in average sale price.  The national average on a 30 year fixed rate mortgage is currently at 4.50%  Get preapproved for a home loan  Locally as of this writing, a 30 year fixed rate mortgage is averaging around 4.29%

According to Keller Williams (KW) research first time home purchases are primarily drive by three factors.

1. The current real estate market – the current market in our area is very advantageous for buying a home right now.  First Time Homebuyers will find home prices are still low and represent great value.  Mortgage interest rates have now gone back down slightly after a very quick run up over the last few months

2. Financial readiness – while financial readiness is very much an individual issue, the affordability factor that today’s low rates and home prices offer can not be overlooked.

3. Location & price – location is most often identified by first time homebuyers as being either close to their workplace or close in proximity to where the currently live.

Thinking of buying a home?  Start your search on our real estate search engine: www.LOWRYTEAM.com

Thinking of selling your home in one of our areas of specialization including West Chester, Mason, Fairfield Township and Liberty Township ? Find Your Homes Value Here – Right Now

Homes with the best pricing and the best condition go first and sell quickly!  Need more information on preparing your home for sale?   

Other articles that you may find interesting:

First Time Homebuyer Series:  Can You Afford To Keep Renting?

First Time Homebuyer Series:  3 Steps To Getting Started

West Chester Ohio Homes For Sale

Filed Under: Buyers, Eric Lowry's Articles, First-time Homebuyer, This Month In Real Estate Tagged With: Eric Lowry, First Time Homebuyer Series, First Time homebuyers, Home Mortgages, Interest Rates, Keller Williams Realty West Chester, Mason Ohio Real Estate, Starting Your Home Search, The Lowry Team, This Month In Real Estate, West Chester & Mason Ohio Real Estate: This Month In Real Estate - October 2013, West Chester Ohio Real Estate

Mortgage Interest Rates In West Chester & Mason Ohio

October 7, 2012 by Eric Lowry Leave a Comment

What are Mortgage Interest Rates in West Chester, Liberty Township & Mason Ohio??

LowryTeam.com Mortgage Interest Rate Update

 Mortgage Interest Rates In West Chester & Mason Ohio

Have mortgage interest rates hit their lows?  Will they continue to move lower?  These are good questions. The truth of the matter is nobody knows for sure.  With the uncertainty of the upcoming election and a continued soft jobs market almost anything is possible.  What we do know is that interest rates continue to hover around 3.80% for a 30 year fixed rate mortgage and this is a historic low.

Get preapproved for your mortgage before you begin to search for homes.

You can start your search for a new home in West Chester, Beckett Ridge or Liberty Township, Ohio right here using our real estate search engine – lowryteam.com.

Wondering what your home is worth in today’s real estate market? Request a market analysis here!

Have questions about buying a home or getting pre-approved for a mortgage?  Fill out the form below and we will happy to answer your questions and assist you.

Filed Under: Buyers, Eric Lowry's Articles, Financing, Financing Options, First-time Homebuyer, Real Estate News Tagged With: 30 Year Fixed Rates, Eric Lowry, Get Preapproved, Home Mortgages, Interest Rates In Mason Ohio, Interest Rates In West Chester Ohio, Keller Williams Realty, LowryTeam.com, mortgage, Mortgage Interest Rates In West Chester & Mason Ohio, mortgage lenders, Mortgage Preapprovals, Search Homes For Sale, Search The MLS, VIPHomeFinder.com

West Chester & Mason Ohio Real Estate: This Month In Real Estate – August 2012

August 21, 2012 by Eric Lowry Leave a Comment

West Chester & Mason Ohio Real Estate: This Month In Real Estate – August 2012

 

This Month In Real Estate for August 2012 takes a look at the national home sale numbers and also reveals Keller Williams (KW) research on the power of being pre-approved for a home loan.

According to Keller Williams (KW) research home buyers that get a full mortgage pre-approval are more likely to close on their new home compared to buyers who were only pre-qualified.  The research also shows that home buyers completed their contract negotiations within 3 days of submitting an offer.

You can start your home search right here:  http://www.LowryTeam.com/search

Other articles that you may find interesting:

This Month In Real Estate – July 2012

Searching Mason Ohio Homes For Sale

Filed Under: Buyers, Eric Lowry's Articles, Financing, Financing Options, First-time Homebuyer, Real Estate News, This Month In Real Estate Tagged With: 1st time homebuyers, Cincinnati, Home Buyers, Home Mortgages, Homebuying, Liberty Township Real Estate, Mason Ohio Real Estate, mortgage lenders, Mortgage Preapprovals, Ohio, This Month In Real Estate, West Chester Real Estate

West Chester & Mason Ohio Homebuyers To Face Higher FHA Mortgage Insurance Costs

March 7, 2012 by Eric Lowry Leave a Comment

West Chester & Mason Ohio Homebuyers To Face Higher FHA Mortgage Insurance Costs

Mortgages & Interest Rates In West Chester & Mason OhioHomebuying is about to get quite a bit more expensive for many home buyers in West Chester & Mason Ohio, not just first time homebuyers.  No, interest rates are not on the rise (yet).  It’s the cost of mortgage insurance that is going up.  The Federal Housing Administration (FHA) which backs mortgages that allow for smaller down payments has announced that it is increasing the cost on two types of fees that homebuyers must pay.

The increase in the mortgage insurance costs is two fold for FHA backed mortgages.  (1)  the FHA has announced that it will increase it’s annual mortgage insurance premium by .10 of a percentage point for loans under $625,000, which will now cost 1.25% of the loan amount.  This increase takes effect on April 1st.  (2) the second fee being raised is the upfront mortgage premium.  It is being raised by .75 of a percentage point, making the premium 1.75% of the loan amount.  This fee is often rolled into the mortgage.

Moral of the story… you may want to get a home under contract to purchase and a mortgage loan application submitted before April 1st if you would like to avoid these higher costs of obtaining a mortgage.  All of this assumes of course that you are obtaining an FHA backed mortgage.  If you are using a conventional mortgage to buy a home this increase does not effect you.

Filed Under: Buyers, Eric Lowry's Articles, Financing, First-time Homebuyer, Real Estate News Tagged With: Applying For A Mortgage, Buying A Home, Eric Lowry, FHA Financing, FHA Loans, Getting Preapproved, Home Mortgages, Interest Rates, Keller Williams Realty, LowryTeam.com, Mason Ohio Homes For Sale, Mortgage Insurance, Searching For A New Home, VIPHomeFinder.com, West Chester Ohio Homes For Sale

Mortgage Interest Rates In West Chester & Mason OH – December 2011

December 9, 2011 by Eric Lowry Leave a Comment

What are Mortgage Interest Rates in West Chester, Liberty Township & Mason Ohio??

LowryTeam.com Mortgage Interest Rate Update

Mortgage Interest Rates In West Chester & Mason OhioHave mortgage interest rates hit their lows?  Will they continue to move higher lower?  These are good questions. The truth of the matter is nobody knows for sure.  We had seen an uptick in mortgage interest rates in West Chester & Mason Ohio earlier this year, only to see them sag back down again, as you can see on the graph. The interest rates are now hovering around in a range between 4.00% – 4.25% for a 30 year fixed rate mortage.

It seems like in West Chester and Mason Ohio that we have seen the lowest levels and that interest rates may likely begin to edge a little higher as we get into the new year a little ways.  We certainly don’t expect large jumps in interest rates soon, but an upward trend seems likely.  The only certainty that exists right now is that these are historically low rates for home purchases.

Get preapproved for your mortgage before you begin to search for homes.

You can start your search for a new home in West Chester, Beckett Ridge or Liberty Township, Ohioright here using our real estate search engine – LowryTeam.com.

Wondering what your home is worth in today’s real estate market? Request a market analysis here!

Have questions about buying a home or getting pre-approved for a mortgage?  Fill out the form below and we will happy to answer your questions and assist you.

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    Filed Under: Eric Lowry's Articles, Financing, Real Estate News Tagged With: Beckett Ridge Interest Rates, Eric Lowry, Home Mortgages, Interest Rates, Keller Williams Realty, Liberty Twp OH Interest Rates, LowryTeam.com, mortgage lenders, Mortgage Preapprovals, Search Homes For Sale, VIPHomeFinder.com, West Chester OH Interest Rates

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