Expert Advice from Amy & Kyle Bergquist at Keller Williams Legacy Partners
Mortgage rates are currently low. Very low. It’s common for well qualified buyers to get rates below 5%, and we’ve heard of some rates as low as 4.25% on 30-year fixed mortgages with no points. We even saw a sign by the road advertising a 3.99% rate, though it was not clear what the other terms would be. Here’s a chart from Mortgage-X.com showing rates going back to 1963, which is further than other charts
Economists are divided as to the direction of the national housing market. Some believe that the environment is stabilizing and that prices will increase from here. Others see further price decreases once the government support fades away. Barry Ritholz is one economist we follow regularly, through his posts on The Big Picture blog. Right now, he has a strong negative view on the future of the US housing markets. One of yesterday’s posts broke down
The National Association of Realtors (NAR) has been leading a push to get part of the Federal Home Buyer Tax Credit extended. But don’t get too excited – their proposal won’t give allow anyone new to claim the credit. Before diving into the details, here is a quick review of the current rules of the game: 1. First time buyer or existing owner (extra criteria). 2. Binding purchase contract by April 30, 2010. 3. Closing
Are you considering a home purchase this year? Would you like to learn more about the home buying process? Do you know someone else in the market who might like more information? This Saturday, March 6th, from 1:00 – 3:00, we’re leading a home buying workshop (which includes a mortgage broker) to help get buyers started and to answer questions. The event will be held in conjunction with the Connecticut Home & Remodeling Show at
Yesterday we went over some of the reasons why the current low interest rates are unlikely to spur a dramatic wave of refinancing activity. However, trying to capture a lower interest rate may make sense for homeowners that have equity in their property, strong credit scores and available cash. Today we’re going to run some numbers to try to quantify the benefit of a lower interest rate. Assumptions 1. Homeowner purchased a home one year