Eleanor Thorne has answers to this popular question. We've seen positive headlines nearly every day for the past weeks...including nine month highs for the stock market.
Home Sales Increase - First Time in 5 Years!
Which Way For Home Prices? Federal Housing Finance Agency Says "UP."
So many people are waiting for mortgage interest rates to get below 5% - and then they will Refinance -
Or THEN they will purchase...
Well, with rates in the LOW 5's... NOW might be the time to act!
The thing that keeps rates ABOVE the 5% rate is simple... there are indications that the economy is recovering! (Good News in the Economy is Bad News for Mortgage Interest Rates)
"The ISM Manufacturing Index improved to 48.9 in July, jumping more than 4 points from the June score and marking the fourth straight improvement. This indicates that overall conditions remain in contraction for the 18th consecutive month, but that the slowdown is stabilizing."
Here's what the Chief Economist at the National Association of Realtors Advises:
"Activity has been consistently much stronger for lower priced homes," [Lawrence Yun, NAR chief economist] said. "Because it may take as long as two months to close on a home after signing a contract, first-time buyers must act fairly soon to take advantage of the $8,000 tax credit because they must close on the sale by November 30."
NOW is the time to act. By next year, rates will be well into the 6% range. If you are thinking about refinancing, and consolidating your first and second mortgage into one loan (we're saving one guy over $500 a month combining his loan!)... or if you're waiting for lower rates to purchase... don't delay! Call Steve and Eleanor Thorne, Professional Mortgage Planners, in Cary, NC 919-649-5058. We have the LOWEST Mortgage Interest RATES!!
Finding Your New Home in the Raleigh Area
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Call 919-278-8070 or visit www.StantonHomes.com to find out more about new homes in the Raleigh area today.
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Penny - Thanks for reblogging this! I was just about to do the same for my folks out here!
Great info for everyone - especially 1st time home buyers. Nice that you reblogged - Eleanor and Steve are really up on what's happening in the lending arena these days!