Mortgage rates mean low interest loans for qualified buyers

Real estate office

For those who can qualify at their local bank or real estate office, current mortgage rates mean low interest loans. Image from Wikimedia Commons.

People looking to purchase a home can get some low interest loans if they act soon. Current rates on mortgages are beginning to rebound from record lows, so there’s no time like the present. The only snag might be qualifying for financing.

Low interest rate mortgage loans available

Banks want to get anyone they can get to buy a home, or at least anyone who can qualify for the financing. Higher credit scores are usually required these days, though that isn’t always the case. People looking to get low interest loans for purchasing a home are better off acting sooner rather than later. Current rates on bank loans for homes are at all time lows for fixed rate mortgages, according to USA Today. The market rate for the 30-year fixed mortgage is currently at 4.77 percent, down from 4.86 percent from a few weeks ago. The market rate for a 15-year fixed mortgage is 4.13 percent. The 15 year fixed mortgage rate is down from 4.20 percent a few weeks ago.

Rebound from record lows

If there is a time to get a loan for a home, it’s now. Mortgage rates are rebounding after epic lows, as the housing industry took a downward turn over the course of 2010. Fewer people were buying homes after tax credit expired, and fewer people felt confident enough to buy, despite values being slightly down from Arizona to Alabama and all points in between. The market rate for 30-year fixed hit 4.17 percent in November of 2010, the lowest interest rate in 40 years. The rate for 15-year fixed home finance loans hit 3.57 percent in November, the lowest since 1991. Those who can come up with the instant cash for a down payment should do so soon.

Rates will rise eventually

The adage “What goes up, must come down” and vice-versa applies to a lot of things. Buying low and selling high is what many homeowners aim to do, and with mortgage rates so recently having been at record lows, there’s no time like the present.

Sources

USA Today

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