Another major reason why this is a uniquely excellent time to buy a house

The mortgage interest rates on 30 year conventional fixed rate mortgages have dropped to their lowest levels in five months. These loan rates are the lowest seen since May 15, 2007.

On a national basis, the average 30 year mortgage loan was 6.26%, which is lower than the rate of 6.33% from the previous week.

Om a local basis, the lowest found by me was 6.25% with the prevailing rates being at the 6.3% to 6.5% level.

In addition to the sizable inventories of homes available to purchase, this drop in the key financing rate is another major reason why it is likely that many would-be buyers will be looking back at this time period as one in which they wished that they had purchased.

There are many creative methods to acquire real property in this type of market. I’ll be discussing some of these in my next post. If your interest is more immediate, just contact me at 630-706-7223.

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