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OK, so rates are good and the market is down, or so you think! What does that really mean for homebuyers, first timers or move up buyers? Well the answer is really clear – St Louis Real Estate is now at the best AFFORDABILITY INDEX in a generation. If you consider that the real cost of buying a home is the cost of the funds you borrow, at least as much as the cost of the home itself, then now is your time.
For about a year we have been saying that the cost of a mortgage cannot go any lower. Then, we get surprised by another drop in thirty year money mortgage rates! So instead of trying to guess how low rates might go, let’s just look at where they are, and what that means.
I. Current rates are – at another all-time low, lowest we have seen since 1971, now averaging 3.25% for high scores on 30 year money.
II. Current prices in St Louis are – certainly at or very near the bottom, as they have been jumping in a very narrow range, inching up in some STL Segments, based on low inventory, REO and shorts are a smaller piece than the last few years.
III. Affordability is – the collision of historical rates and historical low costs never before seen by man.
IV. Cautionary tales include – requirements are stringent, but not impossible, here are the ten things you need to get a mortgage, the most important thing is to get pre-approved.
V. But now is the time to get it going – don’t wait because it is easy and free to get a mortgage consultation to assess your borrowing ability, call your mortgage guy today, no obligation.
VI. Click here for more information – from Mike Mudry, your mortgage guy – a preferred partner of the DAMIAN GERARD REALTY GROUP @ Keller Williams.