I would like to introduce a guest post today from Steve Madonna, who is the Weichert Financial representative in the Weichert Media office. Steve will post from time to time in the Mortgage Corner category. I welcome Steve and his insights on today’s mortgage market.
Rates have crept up a little this week. 30 yr fixed mortgages are in the 4.875 – 5% range . That is still very good . There is a lot of volatility in the market right now. It sounds crazy, but the interest rate for a buyer of a house in Topeka, Kansas is affected by the debts of France & Italy. It is a global world indeed !
First time buyers. You are in the driver’s seat. You have nothing to sell and will find plenty of housing choices in the Delaware Valley. Many sellers will pay a percentage of your closing costs. The Pennsylvania Housing Finance Agency (PHFA) is offering 3.75% with 0 points for a 30 yr fixed rate loan today. There are some restrictions on the program, but many people are jumping on that offer. I am finding that borrowers who can scrape together some money will be paying almost the same to own as they were in rent ! This program allows you to put down as little as 3% of the purchase price. I have also found also that most renters have no idea about the tax deductions given to homeowners. There are many reasons to seek out a reputable realtor this winter. Have a mortgage question ??? Give me a call! – Steve Madonna
610 566-2045
