Friday, October 2, 2009

Calling All Buyers

There's never been a better time to buy a home. Let me say that again.....There's NEVER been a better time to buy a home.

The Mortgage Bankers Association (MBAA) reported last week the average interest rate on new 30-year fixed-rate loans nationwide was 4.97%, nearing the lowest level in decades. And on Thursday, Freddie Mac reported that the average fixed rate on a 15-year home loan had dropped to 4.46%, the lowest level on record.

Not surprisingly, loan applications jumped 13% last week and are up 50% from late June. Aside from the holy grail rumor of 4.5% last summer, 5% seems to be the magic number that really spurs mortgage activity. Most of the activity has been for refinancing, but applications for new homes are growing as well, according to the MBAA.

That coupled with the amazing real estate values that are available in so many areas make this the time to buy.

And if you are a first time buyer or have not owned a home in the last three years, you may be eligible to receive an $8000 tax credit the next time you file your income taxes.

If you have been waiting to buy a home, the time is NOW!