There's some great news out today. The latest issue of Realtor Magazine gives us something to celebrate.
With all the negative news going around these days... it sure is nice to be able to read about good news.
It's all about interest rates. The first thing, of course, that most folks want to know when the rates come out are... did they go up or down ? And... what IS the current interest rate for a thirty year fixed mortgage loan ?
Well... the 30 year mortgage rate went up just a skootch. That's not much. It went from 4.72 percent up to 4.75 percent. But... four and three quarters is a wonderful rate.
But... now comes the really good news. The national averages, which I am sure are equally true here in the Cleveland/Mentor Ohio area... tell us that most folks when they purchase their first home... usually stay in it for from three to five years.
In all my years of experience... I have found that to be true, as well. Some folks even move into their second, and more permanent home even sooner than three to five years.
And... here is that "good news." There is a type of loan out there in "mortgage land" that gives a fixed rate for FIVE years. For the first five years of the loan... it works just the same way as as a thirty-year fixed rate mortgage. BUT... that interest rate DROPPED from 3.91 percent to 3.82 percent.
If you asked anyone... from back in the 1980's and 1990's... if they thought they would ever have an interest rate of 3.82 %... they would have thought you had just escaped from the looney bin.
Wow... what a great interest rate. There's such a great selection of homes on the market right now in Lake County... and to have the five-year fixed rate drop to 3.82 %... is just amazing.
If you are currently renting, or maybe even have a home that you have found is too small or too big for you... this is a really great time to make a move.
Please give me a call... Carolyn Kolba. I have seen some really nice homes up for sale recently, and I'd love to show them to you. I can best be reached at 440-567-7211. Let's see what we can do to start Making your New Home Dreams Come True.