Average 30-year Mortgage Rate Falls to Just 4.15% - Another Record Low for Mortgage Rates!
With the roller coaster going on in the Stock Market lately, many people are worried about the stock values being down. But when is down a good thing? When we're talking mortgage interest rates, of course!
According to an AP article I recently read on Yahoo Finance, mortgage interest rates are down again, reaching yet another record low. You can read the full article here. The article cites records of rates for 30 year mortgages, dating back to 1971. Prior to that time, the 30-year mortgage wasn't common-place. The last time rates were this low was in the 1950's when mortgages averaged 15 to 20 years (making overall payments higher due to shortened payoff time).
For potential home buyers in Eastvale CA, Norco CA, Corona CA and the surrounding Riverside County cities, this is amazing news! Prices are close to 50% below the highs of 2006-2007, and with very low interest rates, buying is now often more affordable than renting. Why make someone else's payment, when you can pay less to own your own home?
Worried you can't qualify for a home loan? The media 
loves to sensationalize how difficult it is to get a mortgage loan approved. While it has been more difficult than it was in the days of almost NO standards, a person with a decent credit score (mid 600's) a good rental history, and reliable employment can get a loan. Even if you're not quite able to purchase now, speaking to a good lender can help you get on the path to homeownership sooner. A lender can advise you as to your best options for boosting a problem credit score or maybe even help you find a loan program that will assist with your down payment, a common roadblock for potential buyers. Even if you experienced a short sale or foreclosure, if it has been 2 to 3 years since the event, you may be able to qualify soon and take advantage of the excellent market conditions available now. Talk to a great lender to obtain specific advice about your opportunities.
Many are on the fence about homeownership, afraid to make mistakes and instead waiting for the "bottom" to come before moving forward with a home purchase. Unfortunately, once the bottom actually hits, most are seeing it in hindsight, while competition for the best homes will keep them locked out of purchasing as prices rise again.
Home prices in most Riverside County, California locations have remained relatively stable over the past 2 1/2 years (since we hit "bottom" in April 2009), and are unlikely to go significantly lower. The time to buy is NOW, before the rest of the fence-sitters figure things out and jump in to compete with you!
Contact Melanie at Rawlings Realty, your local real estate consultant, to help you with your home purchase in Eastvale CA, Norco CA or Corona CA. Feel free to ask any questions that may help you decide whether now is the time or not, with NO pressure to move forward unless it is what YOU decide is best for you.
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