Freddie Mac, one of the largest buyers of home loans, said that the average 30 year fixed rate loan fell to the lowest rate, 4.71%, since they have kept records starting in 1971. Quotes today in Wichita were 4.875 to 5% for 30 year, fixed rate loans.
The unemployment #’s for last week were the best in 2 years. New claims were only 11,000 compared to 721,000 last January. Over time worked and take home pay was also up. Rates normally will rise a bit if these factors continue for a couple of months.
1st time buyers have until April 30 to be fully under contract and be eligible for up to an $8,000 Tax credit (a dollar for dollar reduction in your tax bill). Existing owners can get up to a $6,500 tax credit if they have owned a primary residence 5 of the last 8 years. There is a cap of $800,000 for the price of a home you will buy plus an income limit for single and married buyers.
Wichita real estate prices and total closings rose for October closings over the value of September, 2009 closings. YTD business was down 18% from 2008. The Wichita market should be bottoming out over the next couple of months and with these historic rates this may be the best time in years to buy a home.
Call “SHORTY” at 316-554-2831 for more real estate information……or to find that next home.
The unemployment #’s for last week were the best in 2 years. New claims were only 11,000 compared to 721,000 last January. Over time worked and take home pay was also up. Rates normally will rise a bit if these factors continue for a couple of months.
1st time buyers have until April 30 to be fully under contract and be eligible for up to an $8,000 Tax credit (a dollar for dollar reduction in your tax bill). Existing owners can get up to a $6,500 tax credit if they have owned a primary residence 5 of the last 8 years. There is a cap of $800,000 for the price of a home you will buy plus an income limit for single and married buyers.
Wichita real estate prices and total closings rose for October closings over the value of September, 2009 closings. YTD business was down 18% from 2008. The Wichita market should be bottoming out over the next couple of months and with these historic rates this may be the best time in years to buy a home.
Call “SHORTY” at 316-554-2831 for more real estate information……or to find that next home.
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