Why Buy Now? Historically Low Mortgage Rates Predicted To Go UP! While the 30-year fixed rate mortgage has been holding at record lows of 4 percent for weeks now, according to an article in the Los Angeles Times economic experts are predicting they will begin to rise this year.
The Federal Reserve has promised to keep rates low through 2013 so the current mortgage rate will probably be around for the short term. However, many experts do not think the 30-year fixed rate mortgage will remain at the currently low levels.
Freddie Mac economists are predicting the the 30-year fixed rate mortgage will increase to 4.5 percent in 2012 and to 5.4 percent in 2013. If you have been considering a home purchase in the next year or so and will be obtaining a mortgage, you may want to move your plans up.
Tighter banking underwriting standards have prevented many would be purchasers from taking advantage of the historically low rates. Additionally, the housing crisis has impacted the credit ratings of many other would be buyers. However, if you are fortunate enough to have great credit and meet the underwriting guidelines there has not been a better time to buy in years.
In the Sarasota real estate market prices have declined by as much as 60% in the past five years making properties more affordable than they have been in years! Currently, the Sarasota real estate market is considered healthy with a six month inventory of single family homes. Properties priced for today's market are selling in a timely manner.
Just another great reason to buy now in Sarasota, the best little city in Florida!
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