December 2012 Posts
The Mortgage Bankers Association (MBA) is projecting that mortgage interest rates will inch up over the next twelve months. According to Steve Harney, our favorite real estate expert and author of the KCM blog, he explained that many experts are calling for home prices to also increase over the next year. Here is his simple demonstration of what impact certain changes would have on the mortgage payment of a home selling for approximately $200,000 today:
Follow his blog here.
“Based on prices, mortgage rates and soaring rents, there may have never been a better time in real estate history to purchase a home than right now.”
He lists five major reasons purchasers should consider buying now rather than in the Spring:
1. Supply Is Shrinking
2. Price Increases Are on the Horizon
3. Rents Are Skyrocketing
4. Interest Rates Are Projected to Rise
5. Buy Low, Sell High
Read his full article here.
The Palmetto Heroes Program has lowered its interest rate on their 30 year fixed mortgage loans from 3.75% to 3.25%, as well as offering down payment assistance up to $5,000.