Mortgage rates fall to new low

Long-term mortgage rates fell to a new low this week, with a 30-year fixed-rate mortgage averaging 4.71 percent in the week ending Dec. 3, the lowest rate since at least 1971, when Freddie Mac started keeping track.

One year ago, 30-year fixed-rate mortgages averaged 5.53 percent.

Today 15 year fixed-rate mortgages are even lower, averaging 4.27 percent if you are able to afford a higher monthly payment this is a bargain.

"Interest rates for 30-year and 15-year fixed rate mortgages fell for the fifth consecutive week to an all-time record low, while the average rate on a 5-year ARM hovered nearer its record set in the previous week," says Freddie Mac (NYSE: FRE) chief economist Frank Nothaft. "In addition, interest rates on 30-year and 15-year fixed mortgages thus far in 2009 averaged one percentage point below their respective average in 2008."

In Atlanta, home sales rose 3.2 percent in October, NAR reported. Also in Atlanta, home prices were down 10.9 percent year-over-year in October. Low rates continue to contribute to a rebound in the housing market. Existing-home sales rose 10.1 percent in October from September, according to the National Association of Realtors.

Adding to a leg up in the market, the $8,000 first-time-buyer tax credit has been extended until April 30. It has also been expanded to include many buyers who are not buying their first home, with a credit of $6,500, depending on income.

Closings are up and prices are down from a year ago. It is still a buyers market!

Contact our office for more information and professional guidance in your real estate purchases.

by Anita C. Young, Milicki & Associates, Inc.



Milicki & Associates, Inc.
110 Evans Mill Dr. Suite 103
Dallas, GA 30157
770-874-2022
866-966-3022
http://www.milicki.com/

It REALLY is a great time to buy real estate!

It’s a Great Time to BUY!!!

You are in the midst of a buyers’ market; there has not been a better time to buy for many years!!!

Mortgage rates are at an all time low well under 6%. We have had rates quoted as low as 3.75%, and FHA loans are set to increase in it lending volume. FHA home loans are a practical alternative for many first time buyers. The Federal Housing Administration (FHA) insures the loan, so your lender can offer you a better deal, offering low down payments, low closing costs and easier credit qualifying.

Also, the Housing and Economic Recovery Act of 2008 was updated in the American Recovery and Reinvestment Act of 2009. For 2009 purchasers the tax credit is now $8000 and does not need to be repaid. The credit is available through December 1, 2009 giving qualified buyers only a short window of opportunity to take advantage of this special program. Also, the Emergency Economic Stability Act enacted on October 3, 2008 will help to improve credit markets and allow housing to lead the economic recovery.

Owning a home is a terrific investment in your future, Sellers are motivated and there is a large inventory of homes available. The inventory of available homes for sale is at a 15 year high. The choice for buyers is nearly unlimited. Sellers are willing to be pliable in the negations for the sales of there properties. This is a TRUE Buyers Market!

Housing Market Facts

NAR (National Association of Realtors) has created a new website www.HousingMarketFacts.com to help consumers find out the latest information about the housing market and the issues that affect you, information specifically for buyers, how to do more research, and learn more about the benefits of homeownership.

Taking Care of You!

Before beginning your home-buying search, talk to a professional about the benefits of Buyer representation. A Realtor acting as your buyers’ agent will promote your interests and guide you through what can be a very multifaceted and sometimes confusing transaction. Speak to several agents and make sure that the one you choose is someone you can work will with. The process of buying a home is very stressful you want someone that will reduce, not add to the stress.

Part of our mission at Milicki & Associates is our pledge to promote a fun, fulfilling and respectful environment, that is open to transformation, innovation and provide personal growth opportunities for all. You might want to speak to one of our Realtors, you can check them out at
www.Milicki.com under buyer information you can click on Find a Realtor tab.