Buyer's Market

In mortgage news, fixed interest rates seem to be bouncing around again with some lenders offering 2.99% for quick close 5 year mortgages. No telling how long these will stick around but, many lenders have fiscal year ends in November so this could be a push to the end of the year for them. With home prices declining slightly, this is a perfect time for first time home buyers to get into the market. A buyer's market coupled with low interest rates is a great formula for home affordability. It is also good for move up buyers. The reason is simple, if you have to sell in a declining market, you also get to buy in one. This means the house you have always wanted is likely several thousand dollars less than it would have been 2-3 years ago. You may be bringing over less equity but you will also have a lower mortgage on your new home. If you want to explore options, call me today for a complimentary mortgage review