Mortgage rates are at the lowest point so far in 2007, and according to CNN.com more people are applying for home loans and refinancing. Last week a 30-year fixed-rate mortgage dropped to 6.04% according to CNN. That is the lowest since December 8, 2006.
The Mortgage Bankers Association says applications for new loans jumped 7.3% last week and refinancing applications increased 15%.
These low rates along with increased inventory (in some areas) make it a great time to buy property in Northwest Indiana. But... it's important you know the market in the community you like. My team of Buyer's Specialists are trained to know what is happening in Northwest Indiana Real Estate. Call or email today and we'll help you find your new home!
While applications are up, some lenders are making changes on the types of loans it will provide. CNN also reported that Countrywide will no longer provide 100% financing. Countrywide says the no-money-down loans is leading to an increase in late payments. Countrywide now requires at 5% down payment according to CNN. I know many lenders still offer 100% loan-to-value options. My team would be happy to help you find a loan program that will work for you.
Spring is here... time to get out and find that perfect home!
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