Mortgage interest rates are at a 38 year low. How long will they stay this low is the question. Should you buy a home now or are prices still going down? That is the delema.
Her is what I am hearing. Housing prices seem to have leveled for and are even starting to raise. Today, Freddie Mac said that housing prices increased by .09%. This is the 3 rd month in a row that prices have been on the increase. Does that mean the housing market has turned around? I do not know, but signs are starting to point a little higher.
As for interest rates, as I said they are a record lows, but for how long? Let’s look at a scerino.
Let say you wait to buy and the price of the house drops 10% from todays prices. Great you got a lower price. But in the time you wait interest rate increase by 1%, oh no. If you do the math you would actually have a higher payment by waiting for the lower price and getting a higher interest rate than you would by paying the higher price and the lower interest rate. If you don’t believe me contact me and I will run the numbers for you, FREE.
I know this is a hard decision and it is most likely on of the biggest decisions of you life. It should not be taken lightly. So weigh your options and make the right decision.
Please contact me and I can asssist you and give you all the options.
Keith Woeste
Milestone Mortgage
831-801-8667
kwoeste@milestonemtg.com
No comments:
Post a Comment