The upheaval of the global financial market has produced one positive side effect: historically low mortgage interest rates. For the past year or so we have been hearing about historically low interest rates, repeatedly being told that the rates are the lowest that they have been in 30 years, since the tracking of interest rates began. This week the headlines have been blaring the same news again, with interest rates even lower than they were the last time that they were at 30 year lows just a few months ago.

Currently a 30 year fixed rate mortgage can be locked in for a 4.87% interest rate. Even jumbo loans have fallen, with an interest rate of 4.5%. While there is much hype about the tightening of the financial market and the hoops a borrower has to jump through to secure a loan, there couldn’t be a better time to refinance or purchase a new home.

It’s a great time to either own a home or buy a home. Low interest rates can shave a great deal of money off of the cost of a home over the lifetime of a loan. If you have good credit, a steady source of income and have been thinking about purchasing real estate then you owe it to yourself to get out there and start looking, unless of course you can afford to wait another 30 years or so.

Contributed by Mario Romero, CRS, CDPE, CLHMS
602-252-4191 office, 602-254-9810 fax
The Romero Team - Melcher Agency
www.TheRomeroTeam.com
www.ShortSaleTeamAz.com
Follow Me on Twitter

You can follow any responses to this entry through the RSS 2.0 feed. Both comments and pings are currently closed.