If you don't already own your own home in Union County, mortgages have never been cheaper.
Freddie Mac just announced record breaking low rates. For a 30 year fixed rate mortgage, the rate is 3.62%. For a 15 year fixed rate mortgage, the rate is 2.89%. To help you figure out how much that means on the home you want to buy, use a mortgage calculator like this one.
But that's not even the best news! Some banks offer homebuyers the option to pay points on their mortgage for an even lower rate.A point, which is equal to 1% of the loan amount, could lower your mortgage rate as much as .25% on a 30 year loan, reducing your monthly payment and saving you thousands over the lifetime of the loan.
All great news for those of us who are looking to buy a home. And for those of use looking to sell their home, low mortgage rates mean more buyers out there looking at your home.
Will this last forever? Who knows. But there's one more piece of news that's important to know.
Home prices in 20 major markets rose in April for the first time in 7 months, according to CNN Money. The increase was 1.3% nationally which puts home prices back to where they were in early 2003 but still 34% below where they were at the summer 2006 bubble.
How does that impact buyers and sellers? This may mean the beginning of the end of the "Buyers' Market." The drop in mortgage rates may increase the number of buyers out there, and the increase in homes will increase competition for houses. Here in Union County, we've seen the occassional bidding war and a few houses have sold above list price!
What is you want to get in the game but don't have enough money to play? Is there anything you can do? Check out what real estate advisor TZ has to say about that here.