Low interest rates have been gracing the real estate market with their presence for the past year but the word on the street is that they won’t be here much longer. While mortgage rates aren’t going to skyrocket out of sight, it is doubtful that they will decrease and certain that they will steadily begin to rise. Many so called experts expect that the 30 year rates may be at 6.00% or higher by years end.
For those wishing to lock in at below 5%, the time just might be now or never (or at least for a very long time). Today in fact I saw a 30 year fixed mortgage rate quoted at 4.85%. The general sentiment among economists is that rates are not going anywhere but up from here and in my opinion this is definitely the case. The federal government’s intervention in the mortgage market has caused rates to be artificially low for some time now. This intervention is coming to an end by March 30th.
The strengthening of the economy equals less chance for discounted rates. If you are looking to buy a home, now is the best time to do so. We have low interest rates, tax credits and a great supply of homes for sale. These three factors will not line up like this again at one time, for a very long time.
Looking for a referral to a good lender with good interest rates and reasonable closing costs? Call me or email me and I will get you in touch with a lender that will take great care in getting your financing lined up for you.
Thinking of buying a home in West Chester, Beckett Ridge or Liberty Township, Fairfield Township, Monroe or Mason Ohio?
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