First time buyers need to hurry and purchase before rates go even higher.

First time buyers need to hurry and purchase before rates go even higher. Mortgage rates are up .25% in less than a week and climbing (March 31 - April 7).

The Mortgage Bankers Assoc. came out saying as of today, the national average for a home mortgage with a 30-year fixed rate was at 5.31% up from 5.04% just last week. Rates have been climbing since this time last year, with rates being at 4.73% in April 2009 to now 5.31%

The National Assoc. of Realtors mentioned that with rate hikes it brings the inability for buyers to purchase homes and puts them out of the market as its all due to affordability..

For every 1% point increase it reduces a buyer's ability to purchase by 10%.For example, taking out a 30-year mortgage for $300,000 at a rate of 5 percent will cost you about $1,600 a month, not including taxes and insurance. But the same monthly payment at a rate of 6 percent will only get you a loan of $270,000.

Analysts, bankers, and investors are forecasting rates will rise above 6% by the end of the year.

• If you're in the market to purchase real estate and would like to take advantage of the first time buyer tax credit that the government is offering...call us today.
• Time is running out as its only good until April 30^th When you purchase real estate with Judah Realty we will "MATCH" your government tax credit up to $8,000

Here is a list of trusted mortgage consultants that we work directly with:

David S. Kelly

Mortgage Consultant

Cobalt Mortgage

Direct: 425-864-1675

Email: david.kelly@cobaltmortgage.com

Website: www.davidkellyloans.com

Tom Beno

Senior Mortgage Advisor

Absolute Mortgage

Direct: 425-351-6869

Email: tom@tombeno.com

Website: www.thomasjbeno.com