First Time Homebuyers

First time homebuyers could not be in a better position. The market is full of inventory and the rates keep coming down. Now is the time to move....

Mortgage rates continue their 2008 downward trend. The overall combined average of the 30-year fixed-rate mortgage dropped by 16 basis points (.16%), closing the nation's widest survey of mortgage prices at 6.31%. Hybrid 5/1 ARMs shed a whopping 23 basis points, ending the survey week at an average 5.92%.
Conforming 30-year fixed rates averaged 5.87%, their lowest point since late September 2005. The average 5/1 ARM hit its lowest point in nearly two years. All of this confirms what I have been saying. Now is a great time for first time homebuyers to buy.