Mortgage Interest Rates Lowest of the Year
Just caught earshot of this article on NPR indicating that mortgage interest rates are at their lowest level of the year. According to the story, the national average for a fixed 30-year loan is 4.63%, which is really phenomenal. In other real estate news, foreclosures are slower than last year, but this is attributed to delays in processing and not necessarily a recovery. So, a balance of good and bad news. Foreclosures are still a problem, but rates are low and the buyers are coming out.
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You would think with rates so low people would be buying houses like crazy. It just seems like people are a little nerves about buying right. Maybe because of the economy. I know a few years ago I could buy a house fix it up really nice and move it in 30 days or less. Now it seems like my houses are sitting on the market for a longer period of time and I’m selling them for less them what the comps are. Most of the people that contact me ask about rent to own or owner finance. So that what we are going to give them. We have done a few of them now and I really like it. For one you can sell it at a premium price and your return on investment is so much higher. It seems like a good exit strategy for todays market.