It's still an opportune time for buyers of Lakeland real estate. Inventories are high so the perfect home is just waiting for you to find it. Rates have been on the rise but still below what they were a few short years or even months ago. Let's see where average mortgage rates stand at the start of the new year.
After hitting an all-time low in late December of last year, 2009, mortgage rates were on the rise. As of January 5th, 2010, rates for 30-year fixed mortgages had risen four weeks in a row, but have dropped again as of January 12th. Here are some statistics on the weekly averages in current mortgage rates being quoted for borrowers in the U.S.:
30-Year Fixed Rate Mortgage Rates:
12/01/09: 4.62% (Lowest on record since April, 2008)
15-Year Fixed Rate Mortgage Rates:
As we said, rates have risen in the past weeks, but they're still very low and this is still a great time to purchase Lakeland real estate. If buying a new home is on the horizon for your family, contact Damion Boyce and the Boyce Team to see listings that are available in the Lakeland area. This is also a great time to leave the cold confines of the northern U.S. and see what it's like to live where temperatures are more moderate year round.
If you're a first-time home buyer or a home-owner who has owned the house you're selling for at least the past eight years and lived in it for five, you may qualify for the First-Time Home Buyer Tax Credit. Let The Boyce Team determine if you qualify, and get ready to move into your new home.