The Associated Press reported today that rates on 30-year ist2_1775985-financial-planning-calculator-graphicsmortgages plunged to their lowest levels since January and are poised to fall further after the Federal Reserve launched a new effort to prop up the housing market.

They are reporting that Freddie Mac, the giant mortgage finance company, said that average rates on 30-year fixed-rate mortgages dropped to 4.98 percent this week.

These rate quotes were given before the Fed said Wednesday that they would pump 1.2 trillion into the economy in an effort to lower rates on mortgages. That is expect to lower rates even further.

You may now be able get into the home of your dreams–and live there at a cost that works for your budget. For those of you who have been patiently waiting on the sidelines, now may be time to give buying your next home some serious consideration. Here’s why:

· Mortgage rates are so attractive now which will lower your monthly costs and amount of money you pay in interest over the life of the loan

· Hoboken and Jersey City property values have declined and affordability has dramatically increased

· Fantastic inventory with opportunities to acquire an “A” class property in terms of location, condition and amenities, often times without competing with another buyer.

· You may be able to negotiate even better prices and seller concessions

While a home is a major investment, it is also the center of your personal life. It’s important to live in a home that reflects your taste and values, yet is within your financial “comfort zone.” To that end, it may be more important to lock in today’s relatively low interest rates and low home prices, rather than to hope for a further break in prices in the future.

Tomorrow I’ll be publishing the new listings and price reductions so check back for this.

If you want to search the Hoboken and Jersey City MLS, log on

Explore posts in the same categories: Financing/ Interest Rates

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  1. […] For more great information regarding mortgage rates, go to Is it Time to Buy? […]

  2. […] a look at the following helpful article to give you a very good perspective regarding   rates. Mortgage Rates Down and Likely to Fall Further. Time to Buy? Also, don’t forget to check out  Six Things to Know About the First Time Home Buyer Credit. This […]

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