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National Average Rates

Program

Rate

APR

30 Year

4.125%

4.346%

15 Year

3.750%

3.984%

FHA 30 Year

4.25%

4.543%

FHA 15 Year

4.000%

4.124%

Is now the time to buy?   Is there a cost to waiting?

Rather watch a video explanation?  Click Here

Should you wait to buy?   You see the news, talking about falling prices.  Logic says you should wait, right?    Well like most decisions in life, it is never as easy or cut and dry as it seems.   Let’s do some analysis to see.

Let’s say you wait a year and you do get the home at 10% less than today.  How sure are you that rates will be as low as today?   If the fed starts lowering short term rates, that causes inflation, which in turn hurts the long term mortgage backed bonds.    Odds are, rates will be   1/2% to 1% higher in a year.    If this happens the price reduction will wash with the higher interest.   The main difference is you will have 29 years left on your mortgage instead of 30!   

IF this is a home you only plan on keeping a few years, then WAITING is far better, but if it is a home you are going to keep 10+ years, then NOW is as good a time as any!   Plus if you wait to long you won’t be able to take advantage of the $8000 Tax Credit.

The rates in the video below are NOT TODAY’s rates, they are used as example as the market does change frequently and we can’t keep remaking the video every time they change!!

 

  • Savings by moving now: over $14,000
  • Shopping for a home for another 12 months:  Your time, gas, and  stress
  • Moving into a new beautiful home NOW:  PRICELESS

Trying to predict the bottom is not always the best strategy.  What we do know is NOW there are some great home values out there, and along with still historically low interest rates, now looks like a great time to buy!

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