Home Mortgage Rates Up From Last Week

By Phillip Williams on January 15, 2010, 12:12 pm Posted in Economy News

Could this be a sign of economic improvement? Not really, but mortgage rates did make a slight increase over last week’s numbers. When rates hit an all time low in November at 4.8% it seemed prime time to buy a home but as 2010 gets started the rates are already on the rise.

2010 The Year To Buy A Home

Despite the increase in mortgage rates, 2010 is posed to be an excellent year for purchasing a home. Whether you are a new home buyer or just looking to make a lateral move this year could be the year to jump into the home buying pond with both feet. Foreclosure will continue to stay the same over the year, some predict. Which means more opportunities to grab up prime real estate at previously unheard of rates. Sadly, it means that many people will lose their homes but it doesn’t have to be all bad. Perhaps someone who could not have previously afforded to own a home will be able to by purchasing a foreclosed home.

Tax Credit Available Until June

First time home buyers can still claim the $8,000 tax credit if they purchase a home through June. Being a first time home buyer does not mean that you have never owned a home. As long as you have not owned a home within the last three years you can qualify for this tax credit. There are some restrictions, so talk with your lender to make sure you get your maximum tax credit.

 

Still A Buyer’s Market

2010 will still be a buyer’s market as home prices continue to plummet in some areas. Homes that have been on the market for a long period of time or have been foreclosed will be very affordable for most Americans. New construction will continue to slow down and those brave enough to build will offer some amazing incentives to attractive new home buyers.

Related posts:

1. St. Louis Fed Res Bank President: Unemployment Getting Ready To Fall
2. Little Known Secrets To Buying A House After Bankruptcy
3. Debt Consolidation Is Big Business For Debt Help In Today’s Economy
4. Debt & Bankruptcy: Monthly Bankruptcy Payments Can Grow
5. 5 New Tips To Choosing A Debt Management Company In A Down Economy