- Saturday, June 02, 2012
Current low interest rates suggest that if you are thinking of obtaining a mortgage or refinancing an existing one, now is the time to act. According to Freddie Mac, interest rates have recently fallen, with the 30-year rate at 3.75 percent, down from 3.78 just last week, and the 15-year rate down below 3 percent from 3.04. Today’s 30-year rate is lower than what the 20 or 25-year rate was averaging in the 1950s. This is good news for those buying houses, as affordability to purchase a home has reached an all time high. In the beginning of 2012, The National Association of Realtor’s composite quarterly Housing Affordability Index reached 205.9, which is a record high, with statistics showing that a median income family earning $61,000 could afford a home costing $325,500 in the first quarter. The index for first time homebuyers being able to afford a home is at an all time high as well.
The best time to get an attorney involved is when you are looking to make an offer to purchase, not after a purchase and sale agreement is signed. At Brooks & Crowley, we can help with all stages of your purchase or refinance, and can answer your questions. Call us today.