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Mortgage Rate Decrease Could Help Home Sales
Wednesday, December 12, 2007
The interest rate for a 30 year fixed mortgage dropped to 5.96 percent for the first week in December. That is down nearly one quarter of a percent from the previous week at 6.10 percent.
Interest rates have not been this low since September 2005 when the interest rate was at 5.19 percent. Even better is the interest rate for a 15 year loan at 5.65 percent, down from 5.73 percent.
December has always been a time for interest rates to creep down but this year is different. With the recent drop in the real estate market, and the changes to home buyer required qualifications, potential home buyers are waiting on the side lines.
If you have been waiting for interest rates to hit a low before purchasing your new home, it is time to start looking. The feds have lowered the interest rates to help consumer spending, regain confidence, and put off a looming recession.
Lower interest rates could definitely help some home owners sell their house. Many potential home buyers are waiting to purchase their new home, until they see the bottom of the real estate market or until they see interest rates bottom.
There are many home owners are over leveraged and motivated to sell their house. Combine that with low interest rates, and now is a perfect time to buy an investment property or personal home.
If you are looking for the very best deals on real estate in your area, contact your local home buyer. Local home buyers purchase properties fast from motivated home sellers. Motivated home sellers are people who need to sell their house fast because of, divorce, pre foreclosure, moving out of state, over leveraged home, short sale, or to cash out of an investment property.
You can contact your local real estate investor and get a great deal on houses of all sizes, types, and conditions. Local real estate home buyers deal with large pretty houses, small new houses, duplexes, condos, town houses, fixer uppers and the list goes on.
On the other hand if you are looking to sell your home and the low interest rates do not bring you a qualified buyer quick enough. Contact your local home buyer to receive an offer on your home. They are very professional and experts in your local area. You have no obligation to accept the offer, so you have nothing to lose.