Chicago First Time Home Buyer: Interest Rates Are Too Good To Last!!

So all of the experts had predicted rates would head higher once the Fed withdrew from buying mortgage backed securities. The prediction of higher rates along with the end of the home buyer tax credit was supposed to be a double whammy for Chicago first time home buyers. Along came Greece and the financial troubles across Europe. The financial troubles in Europe triggered a sell off in the stock market and a flight to safety for investors. This meant that investors began moving the money out of the stock market which in turn triggered lower rates.

So what does this all mean for the first time home buyer? Lower rates!! The first time home buyer credit may be gone but interest rates have moved under 5% and are the lowest they have been in a long time. The cool weather has moved away and it appear Summer is beginning to take hold. If you are in the market to buy a home now is a great time. With interest rates under 5% this may be the best time to buy that dream home. As I tell all of my clients do not procrastinate and think that rates will stay low. All it takes is a couple bad day for interest rates to jump and possibly price first time home buyers out of that dream home.