Canton, Michigan home buyers and sellers are enjoying the excellent new reports which indicate the falling of interest rates, as well as learning other optimistic news about the Real Estate Market!
Currently interest rates are declining for most fixed-rate mortgages, which are the most popular and make up nearly 75% of all mortgages. These types of mortgages are very commonly used by first time home buyers, as well as those who would like to know what their monthly budget of expenses will be. They are also frequently used for home buyers who plan on keeping their homes for longer periods of time. Fixed-rate mortgages seem to benefit buyers in today’s market because buyers are purchasing what they can afford. Many buyers have gotten into trouble with adjustable-rate mortgages because they are able to buy more expensive homes, and ultimately when their mortgage rate increases, they can get in over their head. Often times people in these situations end up in Foreclosure and their credit tarnished for an extended period of time. Fixed-rate mortgages are much safer, and with the decline in interest rates we are hopeful that the future of our economy will continue to grow steady, while our home values increase at the same time.
Here’s the great news: A 30-year fixed-rate mortgage averaged 5.47% for the week ending December 11, 2008, down from the prior week’s 5.53% average and 6.11% a year ago. The rate hasn’t been lower since March 25, 2004, when it averaged 5.40%. With the recent new reports of interest rates dropping to 4.91% as of December 16, 2008, we should be very optimistic that our housing market is on a path to recovery.
Another beneficial reason that right now is a great time to buy a home is due to the tax credit that will only be offered until July of 2009. First time home buyers can take advantage of up to $7,500 in tax credits. But you must act fast to take advantage of this added incentive!
Call The Bittinger Team today, and let us walk you through the necessary steps of buying and/or selling a home in today’s market. We guarantee results.
THE BITTINGER TEAM : When Trust and Experience Matter
Office: (734) 459-2600, Email: Team@Bittinger.com
