Saturday, March 03, 2007
Rates at 6.18% - still a good time to buy?
You know I like it when I see a nice article that gets no press because it doesn't have a crazy enough headline for the main stream media. The article is entitled "30-year mortgage rates drop to 6.18%" by the great people at the associated press. The full article can be found at http://www.msnbc.msn.com/id/7148582/.
So you are saying, boring, so what, don't care. Well we all should care. This is still one of the greatest times in history to buy. While all the pundits say the market is bad, don't buy, watch values fall, blah, blah, blah. Ask anyone who bought a home in 1981 or 1982 what they think of rates at 6%. Trust me they will have some great stories and we would all be wise to listen to them.
Check out the graph above for an illustration of what I am talking about. Look at the history. Rates for real estate have traditionally been over 7%. Those who bought in the early 80's at 13,14, or 18% would love to have 6% when they bought their first home.
So what's the point of all this. Still a great time to buy for buyers. The sellers also have a great time to attract buyers who can get low interest rates and afford their homes.
As usual, you decide the truth!
You be the judge of the real estate market!
Labels: buyers market, buying a home, first home, home prices, loans, mortgage rates, rates, values of homes
