30 Year Fixed Mortgage Rates – 5% Interest Rates for First Time Home Buyers in April 2010
Posted on | April 27, 2010 | Comments Off
The average for 30 year fixed mortgage rates have been very low for quite some time as most lenders are reporting that 30 year rates are at or below 5%. With interest rates around 5% for first time home buyers there were many incentives to buy a home before the end of April.
With home prices very affordable, mortgage interest rates at 5%, and an $8000 tax credit available for first time buyers there are many incentives for buyers to make their first home purchase before the end of April 2010. With this being the case it will come as no surprise to see many first time buyers in the market this week.
With only a few days left to qualify for the first time home buyer tax credit buyers will have to take action very soon. You must be under contract by April 30, 2010 to have the opportunity to qualify for this $8000 tax credit. If you have continued to wait you might find it difficult to get under contract this quickly.
It is also very important to understand that 5% mortgage rates are not available to everyone. You will need a credit score above 740 and a very low debt to income ratio to have the opportunity to borrow a significant amount of money at a very low interest rate.
Author: Heather Best