How Low Can Mortgage Rates Go?
Well, it's official. The 30 year fixed mortgage rate has hit an all time low of about 3.875% (of course mortgage rates will fluctuate daily but it is minimal). Not only that but the 15 year fixed mortgage rate has just hit a new record low of about 2.785% (again mortgage rates can fluctuate daily but this is normal). With that being said, when will it stop?
We all keep asking ourselves "just how low can it go?". I guess that remains to be seen. The problem with all of this is that the lower mortgage rates have not helped to boost the current home sales.
The lower interest rates should have helped boost home sales and helped boost them tremendously. But unfortunately there are several problems that cannot be solved by continuing to lower the interest rates.
The first problem is that there are many, many buyers that cannot qualify for a loan under the current approval guidelines. The second problem is that that are just as many, if not more, buyers that cannot afford the down payment that the bank requires. And to compound the problem, the buyers that can afford to buy a new home or to refinance their current homes have already done so.
So the bottom line is: if you can qualify for a mortgage, then now is the time to buy. Who knows if the rates will go any lower; however, it does not seem likely.
Don't assume that you cannot qualify. Talk to your realtor to discuss your options and about any special programs that may be available to you. The worst thing you could do is to assume that you don't qualify when you very well may.
You don't want to miss out on these all time record low mortgage rates that could literally save you thousands of dollars over the life of your loan. Thirty years or even 15 years is a long time.
So don't wait! Call your realtor today to get the ball rolling. Your realtor will be able to recommend a reputable mortgage company and provide you with information on any assistance programs you may qualify for. You don't want to pass up the chance of a lifetime. We may never see interest rates this low ever again!
Tradition community is located in the heart of Florida's Treasure Coast in Port St Lucie. Tradition is a master planned community offering more than 400 acres of lakes and waterways. This community features seven distinctive neighborhoods with cozy parks and playgrounds. Paved sidewalks for jogging, riding a bike, walking or an evening stroll by the charming town square. Tradition residents enjoy a convenient year-round calendar of entertainment ranging from seasonal festivals to community concerts. Contact us for a complimentary tour of the Town of Tradition and current inventory of properties for rent.
Port Saint Lucie real estate still affordable. Foreclosure & Short Sale homes under $100,000 and condominiums starting at $30,000. The high-end market, steady at a range between $1 and $3 million. Whether you are relocating or retiring, Florida offers a comfortable quality of life. Click Florida Residential Properties For Sale to find your dream home. Florida is constantly growing, but nowhere as much as the central region of the state. New businesses are moving into Orlando regularly, and Walt Disney World brings in many tourists to add to the economy.
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