I was on Bob Connor’s AM radio show on 610 WTVN two weeks ago about the so called shortage of mortgage money that seems to be spewing from the media recently. It simply is NOT true!
If mortgage money was that tight or if investor’s found it soooooo undesireable then we’d have interest rates that would have skyrocketed! Instead of 6% they would be at 16% on a 30 year fixed rate mortgage!
But here’s a news flash - rates continue to hover right around the 6% mark which is what it’s been percolating at for many months. And you must keep things in historical perspective…
In 1983 I got married and we bought our first home using an Ohio First Time Buyer mortgage at a great rate of 9.98%. Yes, that’s right - basically 10%!!! Why was I happy? Because regular rates were about 12 and 1/2%. So a hair under 10% was a great “deal” at the time.
Bottom line - as a home buyer this is absolutely the best time to buy since the mid 1970’s. The market has too many sellers and not enough buyers creating a “buyer’s market” and interest rates are still great (gad, I hate sounding like a Realtor!) We are getting absolutely STUNNING DEALS for buyers…
Perspective people!
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