Saturday, December 8, 2007

Logan Interest Rates/Home Prices Down

Interest Rates on 30 year fixed rate mortgages are the lowest they've been in over two years. I've even seen some mortgage quotes for as low as 5.5%. This makes a huge difference on your monthly payment. A 1% interest difference on a $150,000 loan is $125 a month. Just a few months ago the average 30 year fixed mortgage rate was inching close to 7%.

In addition to increased affordability on home loans, there is also increased home selection. Although home prices haven't actually gone down in Cache Valley, there is more inventory and more selection than there was during the summer. You are more likely to get a desirable home in your price range than you were six months ago.

During the cold winter months there are fewer people who want to buy real estate (less competition for you). Homes are on the market for longer periods of time. Many owners of vacant homes are extra motivated to sell; it's no fun paying to heat a house nobody lives in, and it is even less fun to pay the mortgage on that house. Sellers will often settle for less just to avoid having to make extra payments for a few more months.

If getting a deal on real estate is a priority to you, now is the time to buy. If you're not ready to buy yet, it might be a great time to refinance your existing home loan. Get your self on the right track by getting a free mortgage quote today, then give me a call and we'll get started finding you a great Utah Home for Sale!

LendingTree Mortgage