First Time Home Buyers

Interest rates – how low will they go?

Mortgage interest rates are oh so low at least historically speaking and they will stay low next year or go even lower.  Low interest rates tend to drive home prices up a bit and lower the average MID (Mortgage interest rate tax deduction) 

Home buyers should always look at the big picture which I have to say is looking better all the time.  Buyers who can score an interest rate at say 3.5 to 3.7% may end up with house payments that are lower than rent and if they actually pay off their mortgage and stay in their homes they may have an asset to sell or a place to live without those pesky mortgage or rent payments. 

However it might not be a good idea to buy this year if you think you will need to move in the next couple of years.  Homeownership works best for those who can stay put and staying put has some drawbacks too. 

Here are the latest average interest rates according to Freddie Mac

Screenshot 122212 740 AM
 

Contact

Teresa Boardman
Realtor®, MN,
Licensed Broker
Saint Paul Home Realty
651-216-4603
teresa(at)tboardman.com
Contact Form
Ask the Broker

Categories

Archives

Photos of St. Paul
Photos of St. Paul

RSS Feed