Freddie Mac Mortgage Rates Survey reports that mortgage rates hit highest level for the year so far.  For full story see the article in the Fox Business report.

I checked on today's mortgage rates and included them below:

•  30 Year Fixed 5.64%
•  15 Year Fixed 5.13%
•  5/1 ARM 4.68%

The scoop I'm getting from the mortgage experts that we work with regularly is that rates could climb into the double digits within the next 12 months due to inflationary pressures on our national economy that are largely driven by deficit spending by our government.

Four excellent reasons to buy a home now:

1. We remain in a buyer's market in most areas within Fort Worth and Tarrant County Texas.  Indeed, most of the North Texas Market falls into this category.  Therefore, bargains are out there, and it may never be a better time to find the home that is right for you that right now! 
2. First time home buyers have very attractive tax advantages that will save them money!
3. Interest Rates are still low but are expected to dramatically increase as I said above.  Within the last 30 days, a 30 year fixed rate mortgage has gone up by a whole percentage point.  Don't wait to buy a home - today's opportunities are about to end very soon!  Even though buyer bargains abound, your mortgage will cost you more when the rates go up, effectively erasing current low price advantages.  This impending scenario should give home buyers and sellers a sense of urgency to act now rather than later. 
4. Have a home to sell first and worried that you may have to sell below market before you can move up?  Don't worry!  Any potential loss you may incur on the sale of your existing home can in most cases be recovered on the purchase of another equal or larger home.  Indeed, the larger the home you purchase, the greater your potential savings or equity difference between it and your existing home. This is because the seller of the home you will purchase is subject to the same market conditions and economic realities under which you sold your home.  The reverse is true in a Seller's Market and it would cost you more to purchase a larger home than you might potentially earn on the sell of an existing smaller home.   Because you decide what you will buy, and when and where, you can walk away from a prospective purchase if it does not meet your goals and achieve this outcome.  So you see, you can get what you want if you're smart and have the right real estate professional working for you.

Terri and I understand what it takes to help buyers and sellers get what they want and at the best value.  Call us for a free consultation on the sale of your home or for expert advice on a home purchase!

Bernie