Mortgage Interest Rates are down this week to a new 4 month low, Conventional pricing is about 4.125% for buyers with good credit, a 20% down payment and the ability to pay all closing costs. FHA and USDA rates are around 3.750% with USDA being the market choice with its significantly lower mortgage insurance costs.
On the flip side, Housing prices are stable compared to their rapid appreciation earlier this year. The housing market continues to favor investors and other buyers paying in cash for distressed properties that appear to be appreciating in value.
Sellers have been waiting to cash in and the good properties will go quickly. I’ve already had 2 First Home Buyers this month who lost out in bidding wars for nice homes. Both had great credit and 20% down; they just couldn’t close as quickly as the competition because they weren’t Pre-Approved for a mortgage.
There’s still time to move into a new home by the holidays and take advantage of potential tax benefits this year. Now’s the Time to Buy!