Why NOW is the Time to Buy

Hi everyone! Welcome back to my video blog!

I want to tell you about what’s been going on in the housing market lately. We’ve all heard how the market is booming and interest rates have been at an all-time low. Is the market still hot?

Unfortunately, interest rates are on the rise and since July 1st have surged to the highest level in close to two years. Mortgage rates are up 45 percent in just the past six weeks. Analysts called this a "credit event unlike any pure rate spike in recent housing market history."

The good news, though, is despite the increase, interest rates are still historically low.

Why are interest rates rising?

Federal Reserve Chairman Ben Bernanke reported the central bank may discontinue buying bonds as the economy continues to improve. These bonds have helped stimulate the economy by fueling spending and driving up stocks. Now that unemployment is falling and the economic growth continues, Bernanke said the central bank may pull back.

You might be wondering then what all this has to do with you? To buy or not to buy? Will interest rates go down?

Now is the time to buy. Interest rates will not drop to their previous 3% again anytime soon. As a buyer, you want to lock in that lowest interest rate possible now! If you wait too long the rising rates could price you out of the market.

So give the Mortgage Doctor a call! Let’s figure out what the next best step for you is!