Mortgage rates inched up this past week from 4.87% to 4.91% for a 30-year, fixed-rate mortgage, and from 4.1% to 4.13% for a 15-year, fixed-rate mortgage. According to Freddie Mac, rates on 30-year fixed mortgages have risen four weeks in a row; however, they remain below 5% as the market approaches home-buying season.

So is now the time to buy before they creep up even further? Or will the rates go back down to maintain affordability in the housing market?

Some home-buyers, whether they are retail buyers or investors, prefer to wait for the real estate market to bottom out before buying, hoping to get the lowest price possible for their purchase. But the fact is, you won’t really know when the market has bottomed out until it’s on its way back up.

The same could be true for mortgage rates. You could be waiting around for the rates to go back down, and before you know it they are inching up and you’re kicking yourself for trying to time the market.  

Obviously, there are many variables when deciding whether or not you’re ready to buy your next home or investment property. If all you’re waiting for is better rates and lower prices, don’t wait too long or this buyer’s market will pass you by.

Source: http://www.housingwire.com

 

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Christie Snapp, RE/MAX Metro

www.IndySceneRealEstateTeam.com  

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2 Comments on Mortgage rates inch up, remain affordably under 5%

APR
15
2011

As long as those rates stay low I am happy.  Below 5% is great even below 6% is great.  Letsw hope we do not get there though any time soon.  By the way if you are into photography, subscribe to my blog i have a lot of great pictures on there. 

Later Christie
11:08am • #1
Outside Blog

Ryan- I agree. I'm hoping they stay below 5% for a while. And yes, I am into photography so I'll check out your blog! Thanks.
11:23am • #2


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Christie Snapp

Indianapolis, IN

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