Saturday, August 28, 2010

More drops in interest rates for mortgages

When looking at purchasing a home, now would be a fantastic time. Foreclosed properties that have discounted prices are for sell right now. Not only that, but a lot of people are seeking to sell. Inventory needs to be moved. As luck would have it, mortgage interest rates for 30 year fixed mortgages are at an all-time low. Now is the time to get low interest mortgage loans. Mortgage modification is another option to consider. With rates this low, it’s a good idea. Source for this article – Mortgages becoming seriously low interest loans by Personal Money Store.

Mortgage rates hit record low

The 30 year fixed rate mortgage rates are lower than they ever are. 1971 was when the data began 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 few years ago. After all, it is for a 30 year mortgage. A 15 year mortgage is less. It is about 3.86 percent. Mortgages for 30 years may continue at that rate. That would mean that they’d be at the 3.86 percent rate by Thanksgiving.

Plenty of inventory to move

Since 1983, you will find more homes needing to be sold than ever. The real estate market has a high of homes for sale. In fact, it is a 27 year all time high. That means less individuals want to purchase homes. According to Reuters, home resales are at a 15 year low, and more people are getting refinancing if they can. Now it appears impossible to get credit from money lenders. Also, if you have poor credit, you are able to say goodbye to any hope you had at getting a home.

Purchase cheap and sell expensive

For those who have money and credit, now is a time you need to consider getting. This will help you greatly. Amazing houses are sold for very cheap right about now. At these rates, you may never have to refinance or even have to think about mortgage modification.

Further 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



No comments: