It’s a Buy Now-er’s Market
Posted on May 30, 2009
Filed Under Home Mortgage, Mortgage Companies, Mortgage Rates, Mortgage Updates, Prime Rates
Mortgage company Freddie Mac announced a rise in the standard 30 year fixed mortgage rate. The average rate rose from 4.82% to 4.91% in a week’s time.
Real estate agents and agencies continually sell the fact that it is a buyer’s market. It is a buyer’s market, that is, for those who will buy now. Like the car commercial says, “You may never have this kind of buying power again!”
And you probably won’t anytime soon. If you are thinking that you can wait around for the best rate and will catch the “big deal” you are only hurting yourself. If you are going to buy, buy now. Rates are only rising. A nine-hundredth percent raise may not seem like much, but if you do the math, .09% of 10,000 is 900. Now, every $10,000 you finance has an additional $900 to it. Those dollars add up fast.
If you are looking to buy a home, now is the time to buy. Focus on your important factors and get ready to finance. Rates will only continue to rise.
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