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Interest Rates Really Rate!

Real Estate Sales Representative with Reece & Nichols O'Connor & Associates

     Rates are down causing my spirits to go up!  Honestly, when we see the fives (5's%) do seriously think about buying.  Not only do the rates need to be low for buyers, but they need to be high enough to make it worthwhile for a lender to loan you the money.  After all, if you couldn't make at least 5% on money you loan, would it be worth it to loan money at all?  Probably not.  Thirty year home loans are not the same as three to five year auto loans.  Loaning money at 1% for thirty years just won't pay a morgage lender's piper.  There are better investments where lenders can make more money rather than loaning at 1%. However, five percent still seems to be doable and a win, win for everyone.

     Check rates at our own mortgage loan company.  I think you'll be pleasantly surprised.  Then contact a real estate professional to help you through the home-buying process.