My mom always told me not to take advantage of other's misfortune. OK, maybe she didn't, but that seems like something moms say. Either way, I'm here to tell you - you can. And you should. And you shouldn't feel bad about it, at least in this case.
Because of the European debt crisis, mortgage rates here in the US are seeing record lows. The national average rate on a 30 year fixed loan, quoted on Bankrate.com, is 4.87%. Many investors are moving their money into US Treasurys, which lowers their yield and in turn, affects mortgage rates. This creates a great opportunity for those currently seeking a new home.
In an article on CNBC.com, Moody's chief economist, Mark Zandi, had this to say about the potential of buying a home in today's market: "It's the best time in our generation to buy. It may be the best time in any generation. Mortgage rates are so low and with homes prices down and lots of inventory, you couldn't pick a better time to buy or re-finance."
If you've been considering making a purchase of a new home for a while, or just missed the tax credit deadline this could be the opportunity you've been waiting for.
To search all listings in the St. Louis area, please visit my Google Map Search. Or sign up for Property Watch to be emailed listings that fit your criteria as they come on the market.
Posted by Mike Cromie on Beyond Realty - St. Louis Real Estate Blog.
Monday, May 24, 2010
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