Record Lows for Mortgage Rates Still Exist

First time home buyers get ready. One month from Tuesday is approximately how much time you have left to secure your sales contract on the purchase of a house, if you are going to qualify for the tax credit. It takes about 6-8 weeks to process a sale (as long as things go fairly smooth). Here is some additional information about the exisiting rates. It is still a buyers market with plenty of inventory to choose from. Take advantage!

“Long-term mortgage rates remain near record lows, despite rising slightly this week. Freddie Mac reported that average interest on a 30-year fixed loan was 5.14 percent, up from 5.12 percent a week ago.

Rates for 15-year home loans, meanwhile, rose to 4.58 percent from 4.56 percent last week.

Source: Pittsburgh Post-Gazette (08/28/09)”

Additional article on the First Time Home Buyer Tax Credit