Mortgage Rates Continue to Fall…
While the news of the economy continues its long track record of being, well, bad… there is a silver lining for those well qualified buyers that still need to make a home purchase. Interest rates are FANTASTIC! Looking at the rate sheet for today 30 year fixed rates are 5.25% with FHA 30 year fixed at just 5.5%. Be my guest to compare today’s rates with information back to the early 70’s courtesy of Freddie Mac.
It was just announced that we have apparently been in a recession since last December. How this could have taken us a year to realize is a bit of a mystery to me, but speculation continues to run amok regarding the length and depth of our current economic predicament. I have heard 2009, but 2010 seems like a more realistic number. We could start to see a recovery, or at least a leveling out in the new year but even financial guru’s seem to be just throwing numbers around in the hopes of getting something to stick on target.
Bottom line when it comes to housing, at least regarding owner occupied property, you need a roof over head and there are some incredible and what would have been unimaginable deals just 12 months ago on the market right now. In the long term, real estate continues to be an outstanding investment in building future wealth. We are in a downturn now, obviously. But I think it’s clear that there will be a recovery. If history is any indication and the cycles of the past continue to influence the future we will come out of this on the other side in a better place.
