11 Reasons to Get a Mortgage Right Now
The economy finally seems to be moving steadily in a positive direction, and real estate is a large driver of that momentum. Current market conditions — low mortgage rates, stabilized or increasing home prices and the spring home buying season — favor a stronger housing sector than we’ve seen since the recession began.
Before too long, however, we may no longer have the extraordinary supports for the mortgage market that exist now. Mortgage rates may rise, and the housing supply will dwindle, which will ratchet up prices.
But that’s tomorrow’s market, not today’s. For the moment, we still have fantastic interest rates plus a well-functioning mortgage market, thanks to Fannie Mae, Freddie Mac and the Federal Housing Administration. We should enjoy the “good old days” while they last. Here are 11 reasons that borrowers should act now.
- Mortgage rates will rise
- Federal Reserve supports will end
- Home prices are increasing
- Home sales are increasing
- FHA increasing costs
- HARP 2.0 will expire (Home Affordable Refinance Program)
- Rising rents
- Mortgage-interest deduction
- Increased affordability
- Delinquencies have begun to wane
- Desirability is back
To read the full article by Tim Manni of HSH.com
Now is a great time to buy or refinance!
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