Mortgage Rate Update April 13, 2009, It's time to BUY!

By
Real Estate Agent with The Kelly Group Real Estate

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.

 

Posted by

Sandy Mitchell, Buyer's Agent

503-502-6408

The Kelly Group, Keller Williams

Portland Premier

215 N Blaine St.

Newberg, Oregon 97132

 

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Rainmaker
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Gita Bantwal
RE/MAX Centre Realtors - Warwick, PA
REALTOR,ABR,CRS,SRES,GRI - Bucks County & Philadel

These are good rates and should  help the real estate market .

Apr 13, 2009 10:56 PM #1
Rainmaker
44,086
Sandy Mitchell
The Kelly Group Real Estate - Newberg, OR
Making A House Your Home

Your right Gita, the rates are fantastic and there are so many great prices on homes right now plus with the first time home buyer tax credit, how could you not buy a home right now!

Apr 14, 2009 05:46 AM #2
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Rainmaker
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Sandy Mitchell

Making A House Your Home
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