First time home buyers get ready. One month from Tuesday is approximately how much time you have left to secure your sales contract on the purchase of a house, if you are going to qualify for the tax credit. It takes about 6-8 weeks to process a sale (as long as things go fairly smooth). Here is some additional information about the exisiting rates. It is still a buyers market with plenty of inventory to choose from. Take advantage!
“Long-term mortgage rates remain near record lows, despite rising slightly this week. Freddie Mac reported that average interest on a 30-year fixed loan was 5.14 percent, up from 5.12 percent a week ago.
Rates for 15-year home loans, meanwhile, rose to 4.58 percent from 4.56 percent last week.
Source: Pittsburgh Post-Gazette (08/28/09)”