As a general rule I don’t like to comment on the financial end of the real estate transaction. There are a ton of people who’s only job is to know the in’s and outs of the mortgage process. As a Realtor that’s not the service I provide to myclients. What I can do is speak in the most general of terms when it comes to the title of this blog post. If you see a mortgage rate at 4.78% and you were thinking about getting into the market and your next call isn’t to me then we have bigger issues to deal with. I can’t express in words how low this rate is and how HUGE an opportunity this is. Mortgage rates a year ago were just around 6% and with home prices lower than last year you’re looking at a perfect storm for buyers.

If you had your mortgage professional crunch the numbers a couple months back, call them back and have them crunch them again with these new figures. You will see a major difference if what you pay every month with a rate this low. Home ownership does not have to be an abstract idea. You just need to take a serious look and make a few phone calls and understand exactly what this low rate means for you. I bought my condo at around 5.8% roughly two years ago and I thought that was an excellent deal. I thought home ownership was out of reach until I made the phone calls I talked about.

Do yourself a favor and get moving on this because with the following three factors: 1) Mortgage Rates are historic lows 2) Home prices are down from historic highs and 3) The $8000 tax break there has never been a better time to buy.