Today Mortgage Rates moved down to 5.625% with zero points on a 30yr fixed Mortgage and 5.5% on the 30 year fixed FHA. With these rates and the discounts in the market more folks should qaulify...
With Rates moving downn over a half point from a week ago more people may quailify for that home that may have not just a week back.
This may be the best time to purchase real estate. With inventories at a high level and extremely low interest rates (slightly under 5.625% for a 30 year fixed rate mortgage as of the writing of this blog) this truly is a wonderful time to move-up or purchase a vacation home. For first -time home buyers there is a window of opportunity that has never before existed to take advantage of a $7500 tax credit! I like to call this the "perfect storm" of opportunity.
I have been providing Residential Real Estate lending advise for over a decade. Please feel free to use me as a trusted resource with any questions you may have with regards to Real Estate lending.
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