Now is the time for getting a home. 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 also a lot of inventory to move. This is an excellent time for a 30 year fixed mortgages. They have all time low rates. So if you want to get low interest loans for a home, now is the time. Mortgage modification could be something you need to consider also.
Rates for mortgage loans low
The 30 year fixed rate mortgage rates are lower than they ever are. 1971 was when the data started being recorded and this week, mortgages have gone down from 4.36 percent to 4.42 percent, says Bloomberg. These aren’t quick unsecured loans we are looking at. Keep in mind that when considering these are being compared to loans just a couple of years ago. We are considering a large mortgage. It is for 30 years. The rate for 15 year fixed mortgages is at 3.86 percent. 30 year mortgages will hit that rate by Thanksgiving if they continue.
A lot of inventory
As of right now, there is a greater supply of homes on the market than there has been since 1983. The real estate market has a 27 year all time high supply of homes for sale. Buying homes is something less people want to do right now. Reuters reports that many are trying to refinance when a 15 year low of home sales has been hit. There is no way you will get a loan with bad credit sadly, and it is even harder to get credit from money lenders right about now.
Buy low and sell high
You need to purchase now though for those who have credit and a down payment. In the right area, you could actually get into a sweet house for half the cost you normally would pay. Getting a loan now can help you to never have to refinance. Also, you’d never need a mortgage modification.
Additional 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
