Amerifirst Site Manager

That’s right folks; real estate agents and sellers throughout the country are jumping for joy because fixed rates have hit the lowest point this year. Freddie Mac released data on Thursday, May 27, 2010, announcing that the 30-year fixed product now hovers at 4.78%, down from (the already low) 4.84%. The 15-year product fell to 4.21% (for current rates through AmeriFirst, be sure to contact one of our mortgage experts).

Why the fall? The European debt crisis and rollercoaster stock market can take most of the credit. According to Bankrate senior financial analyst, Greg McBride, prospective buyers should move in for the kill now because once the market stabilizes rates will creep up once again.

According to industry experts, when (if) the economy starts showing some improvement, rates are likely to start heading back up. But, if you are waiting for the market to bottom-out and time the lowest rate, that’s not always the best strategy. Before you know it, rates could be headed back the other way and you’ve missed the boat.

Another reason now is the best time to buy is that most of your competition has already purchased a house. With the rush of new home applications before the April home buyer tax deadline, the majority of buyers have already purchased a home.

The beauty of lower rates is that although you may have missed the deadline for the tax break, the lower rate probably makes up for what you may have missed.

Before you go racing out the door, consider visiting AmeriFirst before you go house hunting. Our qualified loan experts can help you identify an ideal price range and loan to accommodate your financial needs. Plus our loan officer can pre-qualify you so you can shop with confidence.

Getting pre-qualified is also a good idea because let’s be honest…you won’t be the only buyer in town. If it comes down to your bid versus someone else’s most sellers consider the bid that has “pre-qualified” attached to it.

Call us today at 800-466-5626 or complete our easy online application form.

Sources:
ABC News: Fixed Mortgage Rates Sink to Lowest Point of Year
The Associated Press: Mortgage Rates Are Back Near Record Low

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