If you are looking at getting a home, right now is the time to do it. Foreclosed properties that have discounted prices are for sell right now. Many homes are for sale. These are the kind individuals just need to get off their hands. There is a lot of inventory. Much of it needs to be moved. Mortgage rates for 30 year fixed mortgages are very low right now. Now is the time to get low interest mortgage loans. You may never even need mortgage modification at prices this low.

Rates for mortgage loans low

History shows what mortgage rates are. As of now, 30 year fixed mortgage rates are lower than ever. Mortgages this week went down from 4.36 percent to 4.42 percent, reports Bloomberg. The data has been something Freddie Mac kept track of since 1971. Granted, these are low cost loans compared to several years ago, but the rates are not exactly on short term loans. After all, it is for a 30 year mortgage. The rate for 15 year fixed mortgages is at 3.86 percent. Mortgages for 30 years may continue at that rate. That would mean that they’d be at the 3.86 percent rate by Thanksgiving.

Lots of inventory to move

Since 1983, you will find more homes needing to be sold than ever. There is a 27 year all time high of homes for sale right about now. That means less people want to buy homes. According to Reuters, home resales are at a 15 year low, and more people are getting refinancing if they can. Now it appears extremely hard to get credit from money lenders. Also, if you have poor credit, you can say goodbye to any hope you had at getting a home.

Buy low and sell high

You need to purchase now though if you have credit and a down payment. You can get a fantastic deal out of homes right now. Houses sell for half what they are worth. You will never need mortgage modification or to refinance if you get your home now.

More on this topic

Reuters

reuters.com/article/idUSTRE67P30X20100826

Bloomberg

bloomberg.com/news/2010-08-26/mortgage-rates-for-30-year-loans-decline-to-record-4-36-freddie-mac-says.html