According To Freddie Mac, Long-term mortgage rates fell once again for the third straight week! This means that essentially it's costing less money to acquire a home loan. With 30 year fixed loans falling just below 5% (this week's average is 4.99 percent), and adjustable-rate mortgages also fell.*
What does this mean to you?
It means it's still a great time to purchase a property! With inventory at an all time high** ( Experts predict another 3 million foreclosures to flood the market next year) and rates still at historic lows, what's keeping you on the fence? The government has also extended the tax credit long and wide. Whereas the deadline was Dec 1, 2009 you are still eligible for the first time homebuyers $8000 tax credit f you purchase between now and April. Already own a home? You can still purchase a property between now and April and get a $6,500 tax credit.
Points to remember on the New Tax Credit
Extends the First-Time Home Buyer Tax Credit of up to $8,000 to first-time home buyers until April 30, 2010.
Expands the credit to grant up to $6,500 credit to current home owners purchasing a new or existing home between November 7, 2009 and April 30, 2010.
Questions and Comments are welcomed!
*Source: Los Angeles Times, E. Scott Reckard)
http://www.latimes.com/business/la-fi-mortgage-rates22-2010jan22,0,5554562.story
**http://money.cnn.com/2009/11/06/real_estate/tax_credit_extended/
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