Friday, August 12 2011 @ 06:35 PM MSK
|A lot of experts have foreseen this – that there will come a time, very soon, that the mortgage rates will reach a low point and cash loans will aid people who wish to reclaim their property or choose a new one instead. Well, as of 2011, it is heading towards that direction and it is only a matter of time be|
fore balance is finally restored in the real estate market nationwide.
According to recent news about mortgage rates, 15 year old property mortgages are on an average of 3.5 percent and 30 year old mortgages at about 4.32 percent – which is the lowest we have so far in a really long time. Take note though, that these are based on fixed-rate mortgages, so other properties are possibly unaffected by such change.
Even if the interest rates are on the lowest of the lows, home sales on the other hand are still struggling to bounce back in some areas due to the fact that these properties lack flavor and class compared to the other properties found on different real estate markets nationwide. Miami is one of the few real estate markets in the country currently experiencing a good streak in home and condo sales.
It is estimated that more than 63 percent of residential mortgages have an average of 5 percent or even lower on the nationwide real estate markets. Even if these mortgage rates sound very tempting; sadly, not everyone still can benefit from this because let us face it – properties really cost a fortune.
One of the best moves anyone can do for 30 year old mortgages should sell their property and look for a new one at a good price – this way; you can ensure more money saved in the long run. So as long as home sales are being purchased, expect lower, and lower mortgages to settle in the future.
Daily News Miami