Bank of America is one of the many lenders that are still experiencing low mortgage rates as rates remain around 5%. Many homebuyers are looking at buying a home due to these low rates and for many getting a low mortgage rate, on something like a 30 year fixed-rate mortgage, it’s going to also bring a lower mortgage payment.
Homebuyers have been watching mortgage rates as of late since they have been incredibly low. These low mortgage rates have been at historically low levels and with current rates still around 5% many homebuyers may get a very affordable home.
Homebuyers have been able to take advantage of these low mortgage rates and low housing prices, along with the first-time homebuyers tax credit, and many homeowners who once thought they would not be able to afford a home have found that they can do so thanks to these incentives.
Despite low mortgage rates, low home prices, and the first-time homebuyer tax credit homebuyers are being cautioned to make sure they take a look at their financial situation before jumping into the housing market. Buying a home is a big financial obligation that should not be entered into lightly.