Interest rates for home mortgages are hovering just under 5% for conforming loans and just over 6% for Jumbo loans.
With the $7500 Fed offered home buyer tax credit, which is like getting a loan for $7500 interest free for 10 years, low down payment programs available for many people and many sellers willing to pay closing costs, this is an excellent time to buy!
Some mortgage lenders I know say that it is beginning to look a lot like the 2001 and 2003 mortgage boom times. During those times, it sometimes took up to 90 days to close a loan because of back log.
If you are thinking about buying now, and why not, you should get your pre-approval as soon as possible. Loan rates are fluctuating a lot and you want to be in a position to take advantage of them.
If you need help finding a good mortgage broker who can help you through this process, just contact me. And as a broker specializing in buyer representation, I would like to help you find your dream home.
Best of Luck with your home purchase!