Buying a Home
With the unstable home market at the market, what are the average mortgage rates for this time of year? According to HSH.com, the mortgage rate for a 30 year FRM is 6.56%, a 15 year FRM is 6.19%, and a 1 year ARM is 5.82%.
If you’re thinking of buying a home in this market, you should consider your reasons for buying rather than renting (or staying where you are). It’s best to buy a home when the timing is right for you and you can afford all the costs, even if your home goes down for the next five or seven years. If you still want to buy a home, the best time to buy is December to January and March to April.
If you already own a home, you may be hurting with home prices dropping. It may be best to switch to a 15 year mortgage or try for an early mortgage payoff. Try to stay in your home until your home increases in value and you can break even or make a profit off it.