Now may be a good time to buy a home
Have you seen interest rates lately? They've gone down again. Mortgage rates are now near a 50 year low. And on top that new numbers are showing homes sales have jumped close to 8–percent last month. Sandi Fabry says leaving the home she and her late husband built almost 18 years ago is bittersweet. But now it's time to downsize. “It's been everything in the whole world that I thought a house could be,” Fabry said.
But what's helping outweigh the bitter, is the sweet mortgage rate she'll be getting with the home she's buying. When Fabry and her husband built this house in '92, their mortgage rate was 6.25%. “We thought that was great and then in a few years we refinanced it because things fell below 6, well good heavens when I look at the interest rate today and its below 5 that's pretty amazing,” Fabry said.
She's right, and that's on a 30 year loan. Some people can get a 15 year fixed for about 4 and a quarter percent. For that we have Europe to partially thank. Economists say the bailout for Greece is now pushing overseas investors to move their money here, many are buying US treasury bonds, which are considered a safer place to stash cash.
Those rates are connected to our mortgages. But Rich Rodenburg with Nebraska Home Sales, who helped Fabry sell her home says this doesn't make it any easier to get a mortgage. “Banks are running a bit scared because of what happened, the rates are great go see your lender find out if you qualify if you do it may be a good idea to find a home,” Rodenburg said.
Fabry says she considered downsizing for about a year and now she feels like everything fits. “I'm incredibly grateful that I have the opportunity to do this, golly just how fortunate,” Fabry said.
Fabry says when the home market started to crash she pulled back a bit…but she recommends that anyone in her place to talk to a lender and a realtor, so you can really figure out your options.