No one knows for sure where rates will go but we close to the lowest rates in 40-plus years so I wouldn't let that deter me from making a decision to buy, especially considering the buying opportunities out there which we haven't seen in years. With the $8000 tax credit, these three factors add up to a pretty powerful incentive apart from the other quirky little niche programs that may or may not fit your situation

Daisy,

As some will say, if my crystal ball was working. And you will have some say that they will go lower and another 50% will say they will go higher. This might not sound like a good answer to you, but you should not focus on rate, you should focus on payment, what you are comfortable with. http://activerain.com/blogsview/78883/Mortgage-Shopping-Rate-vs I see too many focus on rate and then lose out on a great opportunity.

Rates were lowest about 2 months ago, went up, and are now in the middle..... one mentioned that they doubt you will see rates below 5% again. Well, depending on your scenario, your loan amount, the monies that you want to use, and possibly seller help.... you can still get a rate down to 4.5% to 4.875%. On a conventional loan, it's still possible to get a rate around 4.75% with a few points.

As far as the incentives go? As some have mentioned, their is the first time homebuyers tax credit and the last day for that is November 30th. Here is what wasn't mentioned for clarity... you have to have settled by 11/30 and if you miss that day by 1 day, you won't get it, not unless the gov't extends this program. First Time Homebuyers $8,000 Tax Credit - http://www.fhaloansfhamortgages.com/8-000-first-time-home-bu… And please read this Fraud Alert on the tax credit : http://activerain.com/blogsview/1078681/fraud-alert-advice-o…

Overall, yes, there are other programs to possibly get grant monies. What you need to do is speak to a qualified loan officer that won't make promises, but that will educate you and show you a specific plan of action, trying to help you accomplish your main goal/objective.

If you have any further questions, please don't hesitate to call me today or even over the weekend on my cell phone.


Thanks,
jeff


Jeffrey J. Belonger
Area Manager

Infinity Home Mortgage Company, Inc
Processing : 800-587-2762
Cell : 609-440-5133

Rates have been stable in the 5's right now. The government has been pouring money into Treasury's keeping rates down. If they cannot sustain the amount of money it takes to keep rates down then rates will go up. With so much talk about hyperinflation, it is difficult to say when rates will start to rise but that is the way they will go. We have relatively safe for now.

As far as incentives, there has never been a better time, $8000 tax credits Smart Start programs, No money down, twp's have grants , counties have their own grants, tax abatements and more. I have never seen so much money thrown around in my life. Now I will have to say almost all of this money is income based. Meaning if you make too much you won;t get it. The income limits on some cases are rather generous.


Buy if you can afford it. The rates alone are incentive enough. Good luck!

Larry Sarlo
Weichert Realtors Turnersville
609-868-1171
lsarlo@comcast.net

If I knew, I'd be retired!

All kidding aside, we are at a plateau of historically low rates.

The tax credit expires on 11/30, so I suggest you take advantage of the combination of the credit, the low rates and the lower prices and buy something now, if and only if you can afford it and the home makes sense for you.

You a little bit of your heart and a lot of your head when doing this.

Best of luck!

Motgage rates did drop slightly this week form 5.42 to 5.2 but I doubt we will see below 5 again either way these are excellent rates. Additionally the biggest home buying incentive is already being offered by the government to first time home buyers. To read about the specifics go to http://www.justjerseyrealestate.com by clicking on the icon from the home page. Good luck to you,

Camille Miller
Broker/Owner
Follow me on twitter for daily answers to real estatate questions @itsjersey2me