Those of you in the market will be pleased to know that rates have fallen again thanks to the government’s commitment to purchase bad mortgage debt. The most recent quote I received was 4.5% on a new home loan purchase. 4.5%!!! The FHA rate is slightly higher, but still under 5%. The nice thing on that FHA loan is that you only have to put down 3.5%, and the money can be a gift. If you need a good lender, we have several that we recommend quite frequently. Keep in mind that if you are interested in refinancing that the rates that you typically see and hear about are for new home purchases. The refinance rates are slightly higher.
Those of you out of the market may want to consider getting into the market with rates like this and deals available everywhere. We have helped people in just about every situation take advantage of this market, and we would be happy to talk with you about it. The market is primed for a pickup like never before. We still have higher inventory; home values are down; the interest rates are at historic lows, and perhaps the best news of all is that we are entering the busiest real estate season in Spring!
Let us know if we can help you on the buying or the selling of your home. You’re in good company with The Peters Company.