When is the right time to finance a home?

The time to finance a home for the best rate could be now, as mortgage rates across the country have reached a low over the last 16 months at 4.12 percent, according to Freddie Mac.

This number is quoted for a 30-year fixed rate conventional mortgage, and since Jan. 1, people have been finding themselves able to afford about 8 percent more of a home in terms of quality. Las Vegas, in particular, may be experiencing their home rates flattening out as the median home price reached $200,000 in August, which is an almost 10 percent increase from the same time last year, according to a recent report from the Greater Las Vegas Association of Realtors (GLVAR). This is good news for home owners and buyers as the economy continues to recover from the recession that severely impacted the value of property nationwide.

Although property values increase as pricing begins to level, low mortgage rates are not necessarily available to everyone. Those who will see the lowest rates would be considered prime lenders, defined by Freddie Mac as a lender with a credit score over 740 and who can offer a 20 percent down payment. This, however, should not discourage those from financing a home.

If you’re interested in mortgage rates in the greater Las Vegas area, please contact Valley West Mortgage at 702-696-9900 or info@valleywestmortgage.com

30 Year Fixed Mortgage Falls to 3.94 Percent for the first time ever!

BASED off of Average Rates

For all those who qualify and in the market for a Home Mortgage Loan, there is an amazing chance to buy a home or refinance with Valley West Mortgage. It has even been said that Mortgage Rates could fall even lower then 3.94 (The AVERAGE RATE) since "the Federal Reserve plans to reshuffle its portfolio of securitues to try and lower long-term rates", according to a recent article written by & posted by MSNBC.com.

Freddie Mac released a statement that said " The Average Rate on a 30-year fixed mortgage dropped from 4.01 percent last week, which was the previous low. The Average rate on a 15-year fixed loan, one of the most popular refinancing options, fell to 3.26 percent, making that a record low as well. Rates would have to drop a full point more for Americans who have already refinanced in the last could years, to do so again.

What does this all mean?

A drop in mortgage rates will provide a a boost in the economic stuggles this country is currently facing, if more Americans could refinance . When People refinance at a lower rate, they pay less interest on their loans and have more money in their accounts. That is what everyone wants right?