If you want to buy a house, now is the time, and if you donâ€™t act soon, you will regret it. Hereâ€™s why: historically low interest rates.
Online PR News – 02-March-2010 – – As of today, the average 30-year fixed-rate loan with no points or fees is around 5%. That is the lowest the rate has been in nearly 40 years. Every quarter-point change in interest rates is equivalent to approximately $6,000 for every $100,000 borrowed over the course of a 30-year fixed. "If you have a steady job, good credit, and the down payment, then you really are being offered the gift of a lifetime, says Fred Filsoof, President of Coordinated Properties.
The government announced last week that they want to reduce their buying and let the banks step up and own them. This may cause mortgage rates to rise as we all know banks are more than happy to pass along any incremental risks on a loan to the consumer in the form of higher rates. So, expect rates to rise in 2010.
The anticipated economic recovery along with the Fed mortgage back security purchase program ending at the end of the first quarter will be catalyst that will drive rates higher as the year progresses.This potentially has a big effect on the real estate market as a rise in the interest rates on a jumbo loan can equate to highly monthly payments to the consumer and the difference between qualifying for a loan or not.
About Coordinated Properties
Coordinated Properties,Inc. is a full service real estate company based in Atlanta, GA. The company has grown outside of Altanta and has multiple properties in Georgia, New York City, Biloxi,MS, and Stewart, FL. The company's office is located at 1100 Garmon Dr. NW Atlanta, GA 30327