Are mortage rates still considered low?

When I bought the home I currently live in the interest rate was 12.9% fixed for 25 years. I thought I got a bargain because I knew that others had recently paid as much as 17% fixed for 30 years. With the rates on fixed loans somewhere near 6.5 to 7% I really do not understand why some folks are sitting on the sideline.

Homes prices are down and may still head lower but I doubt it. At least in my area. Land is scarce and God is not making anymore of it around here. If you want to live in a world class city and you live in a state that has a per capita income higher than 46 other states then now would be the time to take the plunge. Remember, you make your money in real estate when you buy, not when you sell.

Posted by John Guiney e-PRO, CBR on 07/18/2008 08:39 AM

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massachusetts, interest rates, time to buy

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1 Comments on Are mortage rates still considered low?

Same problem in NJ. Too much inventory. Let the interest rates jump once, it might stir them a bit, but the second jump, you will see them running the Realtors to get that house they wanted and all of a sudden realize, it might be too late.

07/18/2008 08:43 AM

by Nancy Larson (Hope Loan Today)

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Real Estate Agent: John Guiney e-PRO, CBR (Keller Williams Realty)

John Guiney e-PRO, CBR
Quincy, MA
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