The national average on a 30 year fixed rate mortgage dropped to 4.36% in August 2010-lower than it's been in the past half century. Interest rates for the same time last year averaged 5.19%, representing a difference of $90 in the monthly payment on a $200,000 home with 10% down, as well as a savings of $32,460 over the life of the loan.
While interest rates have begun to climb, they remain at historic lows. Like interest rates, the housing market will remain at the bottom only so long. Every major price index points to a housing market that has hit bottom and us moving towards a positive direction. How long before we see them begin to rise? The only way we know when prices have hit bottom is when they begin going back up again.
So what will be the cost of waiting out the market?
For more reasons why now is prime time to buy a home, contact me, and I'll send you a free e-book.