30-Year Mortgage Rates Hit Record Low

According to Realtor.org (source USA Today), the average interest rate for a 30-year mortgage is at the lowest level since Freddie Mac began collecting its weekly survey in 1971. Rates have now declined to 4.71 percent the week of 12/4/09 from 4.78 percent the week prior. Fifteen year loan rates also fell from 4.29 percent to 4.27 percent, but homeowners should remember they face higher credit standards from lenders now.

During Thanksgiving week, the Mortgage Bankers Association's index of application demands rose 2.1 percent on a seasonally adjusted basis, which indicates consumers are considering taking advantage of mortgage rates at an historic low.

If you are considering buying a home, the buyer's market continues with many homes competitively priced. Around one-third of homes now selling are priced below what the owner paid. Interest rates are comparatively low for qualifying buyers. Take advantage of the extended tax credit and either buy your first home or move up to a nicer home at a competitive rate.

Call me if I can assist you with buying or selling a home. I am licensed in GA and TN and will assertively represent your interests in the desirable Greater Chattanooga real estate market

Tax Credit - Take Action if the time is right for you

Realtor.org, an on-line website, reports that Congress is debating extending and expanding the $8,000 first-time homebuyer tax credit which currently expires Nov. 30. By the end of November, according to Realtor.org, more than 118 million home buyers will have used the credit, many who would not have bought a home without it.

The Chief Economist for MoodysEconomy.com, Mark Aandi, is in favor of extending the tax credit. As he stated so well, "Nothing works in the economy if housing is falling....the tax credit is vital to stem housing price declines. Extending the tax credit and expanding it to additional home buyers could be accomplished through using unspent stimulus money to offer more home buying opportunities to additional customers.

Realtor.org took this information from CNNMoney.com. by Les Christie (10/14/2009).

Permmit me to assist you if you wish to take advantage of this tax credit. Time is running out. Be sure to get prequalified with a lender so you can find a home and close your deal before the tax credit runs out. If it is extended, I will be glad to have you as a customer and search for an ideal match for you.