Bloomberg is reporting the average rate for a 30 year mortgage has dropped below 4%. That is the lowest rate ever recorded by Freddie Mac whose records date back to 1971. I can remember thinking back in the late 90’s and early 2000’s when I was a loan officer that anything below 6% was amazing. I never imagined that it would be possible to get a 30 year fixed mortgage for 4% or LESS.
This is a great time to be a first time home buyer or in the market for a second home or rental property. Home prices are low and there are some great deals to be had on bank owned homes. All those people who have lost their homes to foreclosure and now can’t get financing are living in rental homes. That added demand for rental homes is not expected to drop any time soon with an estimated 26,000 more homes in Oregon on the verge of foreclosure. Demand is so high that all of the properties we manage are currently rented and our tenants are wanting to extend their leases. If you have been toying with the idea of buying a home in Central Oregon (or anywhere for that matter) now is a good time to give it some serious thought. Give us a call and let us help you work through the numbers and sift through the inventory to determine if buying a home is the right move for you.
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