Should you buy a Cecil County home or a Harford County home now?
Is now a good time to buy a Cecil County home or a Harford County home? Mortgage rates don’t know what they want to do. The 30 year fixed mortgage rate was at a 4 year low towards the end of January. Then they went up. Then they came down again. Where will they go next week? I think they may be bipolar.
Friday’s mortgage rates were:
30 year fixed - 5.94%
15 year fixed - 5.43%
5/1 Arm -5.17%
These are national averages
Here is a chart of 15 and 30 year fixed mortgage rates for the past year.
This chart and rates are courtesy of bankrate
Eventhough mortgage rates for Cecil County homes and Harford County homes have been inching up, I think it is a good time to purchase a Cecil County home or a Harford County home. During the 80’s and early 90’s interest rates were around 10% and higher. In the mid to late 90’s interest rates were around 7% to 8%. The only time interest rates were cheaper was during the summer of 2003 when they were in the low 5% range.
In addition to interest rates being reasonable right now, the economic stimulus plan recently approved by Bush Jr. will raise the loan limit for Freddie Mac and Fannie Mae. The current FHA limit for Cecil County real estate is $292,685. It is estimated by the National Association of Realtors that the new limit for Cecil County real estate will be $385,112 for FHA and $417,000 for GSE. The new loan limits will be published by HUD on March 14th. I will post them here when they do.
It is a buyers market right now. You have a lot of options for Cecil County homes and Harford County homes that did not exist a few years ago when it comes to purchasing a home. There are good houses on the market right now and not enough buyers. You can find a Cecil County home for sale or that Harford County home for sale and get it for a good price.
So is now a good time to buy a Cecil County home or a Harford County home? I say yes! Trying to time the market could be risky. “In general, it is very difficult to time the market,” said Raphael Bostic, associate director of the University of Southern California’s Lusk Center for Real Estate. “The real problem with that is you don’t know when the floor is until after it’s passed. If the floor is right now, you missed it.”
*This post was originally made on Friday. I messed up my blog and had to repost everything* Back up your work!!!
Filed under: Buyers on February 26th, 2008
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