Virginia Beach, Norfolk, Suffolk, and Chesapeake Home Interest Rates Hit Historic Lows

filed under: Main category, mortgage posted on January 24th, 2008

Virginia Beach, Norfolk, Suffolk and Chesapeake home and condo owners looking to refinance or buyers searching for inland or oceanfront real estate to purchase need to pay attention to mortgage rates right now.

The recent financial activity by the Fed has spurred much activity within the mortgage industry. Interest rates for homes and condos in Virginia Beach, Chesapeake, and Hampton Roads are fluctuating and now is the best time in years to take advantage of historically low rates.

Market Watch reports that according to Freddie Mac U.S. fixed-rate mortgages fell in the latest week to their lowest levels since the spring of 2004. They reported fixed rate 30 year home mortgages at 5.49% down from 6.25% one year ago.

Brian Brady, expert home and condo mortgage consultant commenting on Laurie Manning’s Long Beach Real Estate Blog recommends:

“Mortgage rates are reversing course and headed higher in the next 7-10 days. Lock mortgage rates for all loans purchases and refinances at application. Don’t hold out to see if the Fed will cut rates farther; the mortgage lenders have already anticipated a January 30 Fed cut and priced it into the market. If the
Fed doesn’t cut rates, mortgage rates are going to skyrocket. “

Meanwhile, the median sales price of an existing single-family home fell for the first time in the 40-year history of the survey, dropping 1.8% according to REALTOR.COM.

So, conduct your own analyzing, due diligence, and consider the following:

It can be a great time RIGHT NOW to purchase a home or condo with historic low interest rates and the buyer’s market we are now seeing. There are simply many attractive bargains available and many people need to sell. Get a good REALTOR®, obtain great terms on your purchase price, financing, seller incentives, and your Virginia Beach, Chesapeake, or Hampton Roads real estate will be very attractive.

Over the long term, your real estate purchase will prove to be a very good investment.
If you are thinking short term, reassess and think again.

See how your REALTOR® provides value and represents your interests only.

posted by Dennis Blackmore

This entry was posted on Thursday, January 24th, 2008 at 2:06 pm and is filed under Main category, mortgage. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.