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Mortgage applications jumped over 25 percent in the first week of January, spurred on by low interest rates. The indicators showed the demand for home refinancing has not been as high in the last 5 years.

While many experts report that rates will stay low for months, 30 year rates of 4.5 percent were too attractive for borrower’s to pass up. Due to the fact that rates change, locking in now a great rate now appears to be a smart move.

While low rates have not yet spurred buying activity, low prices and cheap money certainly provide hope that we may be reaching a bottom in the US housing market.

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                                                                                                                                     The phrase “One man’s loss is another man’s gain”…is certainly true when it comes to real estate.  A number of factors have converged to make 2009 a great year for the first time home buyer. 

1. 1.  Interest rates are at their lowest levels in decades.  With Fixed rate mortgages hovering at or below 5 percent fixed for a 30 year loan, homeownership is within the grasp of many people that were priced out of the market.
2. Home Prices are down in all area’s of the country, and it is unlikely they have much further to fall.  This means that bottom fisher’s can lock in a great price on a home.
3. The FHA has a first time buyer program that requires only 3 percent down and is available to people with less than perfect credit.
4. Tax rebates and incentives.  First time buyers will receive a tax credit up to $7500 on the purchase of a home.

The weak housing market and economy have presented quite an opportunity for individuals who have never owned a home.  If you are a first time buyer, everything you need is in place to make the deal of a lifetime.

Thank you for visiting InfoTube.net.  Happy New Year and House Hunting!