Winter Temps vs. Mortgage Interest Rates: Nearly the same!

You just have to marvel at how the winter temps hover near zero. SO DO THE MORTGAGE INTEREST RATES!

For a perspective, I have not seen rates this low in my 42 years in real estate. Right now, FHA fixed-rate mortgages are running 3.75% for 30 years, and 3.25% for 15 years. Along with that, prices have fallen to the lowest level in years for all kinds of properties. So, this is a wonderful time to get preapproved by a Mortgage Loan Officer and find out how owning can be cheaper than rent!! There seems to be a pervasive sense that things are getting better - albeit slowly. That is true in real estate, and there is more interest stirring already in 2012 than we saw last year at the same time. Of course, there are area-by-area stats that vary a lot. The point is, if you have been "on the fence" for some time, start checking the market out again. You could be very pleasantly surprised.


Posted by Mike Best on 01/25/2012