Low Mortgage Rates Make It the Ideal Time to Buy

Heading into the spring quarter, mortgage rates are hovering around record lows, meaning that there’s never been a more affordable time to buy a home!


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We set our clocks ahead yesterday, signaling the imminent arrival of Spring.  Spring typically brings a heightened home buying season with it.  This is great news for sellers, but there’s good news for buyers too.  Heading into the spring quarter, mortgage rates are hovering around record lows, meaning that there’s never been a more affordable time to buy a home!

On March 1st, Freddie Mac released the results of its Primary Mortgage Market Survey.  This survey found that rates on a 30-year fixed-rate mortgage are averaging around 3.9 percent with an average 0.8 point, rates that are nearly 1 percent lower than the 4.87 percent average reported last year around this time.  Similarly, the survey found that rates on a 15-year fixed-rate mortgage average around 3.17 percent with an average 0.8 point, nearly 1 percent lower than the 4.15 percent rate averaged at this time last year.  Adjustable-rate mortgages, of course, bottom out at even lower rates, some which haven’t been this low in decades.  So, if you’ve been waiting for a good time to buy a home, it looks like your opportunity is here!

Give us a call at Cooper Realty and let us help you find the perfect home – 302-644-2266!

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(Part 3) 4 SIGNALS IT MAY BE TIME TO STOP RENTING AND BUY YOUR HOME!

The smartest homebuyers look to their lives, not just the market, for signals about when the time is right to buy


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Time to Buy

Your income and career are stable for the foreseeable future. The smartest homebuyers look to their lives, not just the market, for signals about when the time is right to buy. Homebuying is a long, long-term endeavor these days. The goal is to be able to commit to staying in the same place, geographically-speaking, for 7 to 10 years before you buy (more in a foreclosure-riddled market, less in an area that has been more recession-resistant). Most lenders will require that you’ve been at your job – or in the same general field of work – for at least two years before you buy. But that’s the bare minimum – beyond that, you don’t want to be barely beginning a career in which you think you may need to move sooner than that, nor do you want to buy when you’re advanced in your career, but in an industry which is dying or downsizing the workforce in your region (unless you have a strong Plan B).

When you get to the spot in your career where you can realistically project a stable income 7 to 10 years out, life might be giving you a green light to move forward on your homebuying dreams.

Tomorrow’s post will wrap up this 4 part series.  Don’t miss it!!

Author~Connie Cooper

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