If you’re thinking about buying a home, or even refinancing your current
mortgage, experts say now is the ideal time to do it!
Amy Moser with Mountain America Credit Union discusses current low
· With so much happening in the U.S. housing market, it can be hard to
figure out exactly what’s going on. Where are home prices? Is now a good
time to buy?
· Right now is the best time to not only buy a home but also to make
sure you have the best rate on your mortgage via refinancing.
· Rates have never been lower…which means that if you are buying a
home, your purchasing power is so much higher while still keeping housing
· This month’s average 30-year rate was 3.79 percent. Average on a 15
year mortgage is just under 2.99%. Mortgage rates tend to track the yield on
the 10-year Treasury note, which is approximately 1.60 percent. That is the
lowest level since the Federal Reserve Bank started keeping daily records in
1962. As recently as July 2011, the 10-year note exceeded 3 percent.
· The index showed the median income family, earning just under
$61,000, could afford a home costing $325,500 in the first quarter, which is
more than double the national median existing single-family home price of
$158,100. The median monthly mortgage principal and interest payment for
a median-priced home would require only 13.5 percent of gross income.
· MACU offers a variety of programs to help borrowers purchase,
refinance or build a home. Mountain America also has a first time
homebuyer option with up to 100% financing with $1000 down payment with
no mortgage insurance.
Find out more at www.macu.com.