However, the low, low rates and prices seem to be coming to an end — at least for now. With things changing, is it still a good time to buy a house?
You Can Still Find Great Deals on Homes and Mortgages
The average mortgage rate just moved up to 4.46% for a 30-year fixed loan, and the latest home prices data indicates that homes saw their biggest monthly gain in seven years during the month of April. (And, on a more personal note, all of the remain lots in my subdivision are suddenly being advertised as “for sale,” and several homes are in various states of construction.)
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It appears that residential real estate is heating up again. So, did you miss the boat with a home purchase? Perhaps not, according to an article on Yahoo! Finance.
The article quotes Ilyce Glink, a real estate columnist, who points out that there are still places where you can find homes that are still between 30% and 50% lower than their peak prices. Additionally, even though the 4.46% is more than the rate I got on my HARP refinance, it’s still a lower rate than you could have got just before the financial crash — and it’s certainly much less than my parents paid when they bought their first house in the 1980s.
So, if even though rates and prices are on the rise, it might not be a bad time to buy a house, if it’s on your to-do list.