April 13, 2009 Here are today's rates:
30-year fixed: 4.625% APR: 4.810%
15-year Fixed: 4.375% APR: 4.522%
30-year FHA: 4.875% APR: 5.02%
30-year VA: 4.875% APR: 5.09%
100% HUD RURAL: 5.00% APR: 5.225%
Keep in mind that rates are subject to change due to market fluxuations and borrower's eligibility.
Reasons why now is the time to buy:
The First Time Buyer's Credit. (Defined as anyone who hasn't owned a home in the last three years) This is a maximum $8000 tax credit.
Mortgage costs stay the same. If you get a fixed-rate mortgage, the monthly payment stays the same while everything else, including rent goes up. Owning your own home is also a tax shelter and tax rates favor homeowners.
Own it and you gain the pride of ownership. There is something comforting in the notion that your home is your own. Owning your own home gives you a strong sense of community and it's still one of the best investments you can ever make for yourself and your family.
Interest rates are historically low. This can't be stressed enough and you only need to go back a few years to see just how low the rates really are. Does anyone remember the days of 18%.
There is a lot of inventory. Choices are abundant, prices are good. You can't time the market and if you wait, chances are that you will miss the bottom of the market.