Every day, we are hearing more and more about low mortgage rates. The rates on mortgages is at an all-time low. Yes, you can obtain a mortgage today and pay lower rates than you could have at any time in US history.
Home sales have been stagnant in much of the USA. Here’s an article fromKCAUTV.com in Sioux City, Iowa.
Everybody from bankers, realtors, and potential buyers say it’s a great time to look for a new home.
People I spoke with today say mortgage rates are at record lows, which makes now an excellent time to buy.
If you’re looking to buy a home, and want an excellent mortgage rate, then you might just be in luck.
“It’s a buyers’ market. There’s a lot of great deals. Markets are depressed. Interest rates are very attractive,” said Bob Schoenherr, a potential home buyer.
Loan officers say they’ve never seen rates so low. 30 year mortgage rates are around 3.75% interest.
“Rates are definitely a lot lower than they’ve been in any previous year. I’ve been doing this for 9 years, and this is definitely the lowest I’ve ever seen,” said Karyn Johnson, a mortgage loan officer at Liberty National Bank.
People seem to be reacting to the low rates, realtors say home sales are through the roof.
“Right now it’s very beneficial, because they can purchase a house and sometimes pay the same that they’re paying for rent,” said Norma Karnes, a Century 21 Pro Link Realtor.
The market is not just good for people looking to buy, but also homeowners.
People can refinance a 30 year mortgage into a 15 year, and make close to the same monthly payment.
As they are indicating, it is really a buyer’s market right now in Sioux City, IA and in most parts of the USA. If you have the wherewithal to buy a new house, now is probably as good a time as there may ever be. We expect that years from now, people will look back at this time frame and think “wow, I should’ve bought a home then…” Of course, part of the reason that mortgage rates are so low is to entice more buyers. There are very few people who are willing to commit to buying a new home.
There’s also the other issue of people being turned down for a new home loan by lenders. Even though you have low mortgage rates today, many lenders are unwilling to offer loans to prospective borrowers. This is essentially because borrowers do not necessarily have adequate credit scores to satisfy the lenders’ requirements.
If you have good credit and are thinking about a home, you probably shouldn’t pass up this great opportunity. The current, historically low mortgage rates will not last forever. At some point, interest rates will rise. Everything works in cycles. The buyer’s market will not last forever. If you have the ability to secure a new home loan, you really should consider it.
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