First Time Homebuyers – Rates Going Up

Time to Buy We talk to First Time HomeBuyer’s everyday that tell us, “We’re Looking!” Well – here’s my advice… HURRY UP!!

The Tax Credit is going to “go away” at the end of November… and everybody is telling you NOW is the right time to buy – and that’s a FINE reason… But I think there’s ANOTHER incentive.

I wrote recently about the fact that rates are NOT getting below 5%. The Fed is meeting today- and there’s likely to be a statement tomorrow that they are NOT going to “prop” up the mortgage backed security market after September when the program is scheduled to end.

The FED has been purchasing mortgage backed securities, and because of that – well, the more they buy, the lower rates go. So as they’ve given no indication they will continue purchases, rates have started heading up!

FIRST TIME HOMEBUYERS! NOW is the time to purchase a home! You can use the USDA home loan program in NC (it’s a 100% loan!), or FHA or VA (you wouldn’t believe the number of Vets that FORGET this great benefit!)! Call us, Steve and Eleanor Thorne, to help you with qualifying for a new home!… we have the lowest mortgage rates!