Mortgage Rates Hit a 50 Year Low!!!

Yes, I know!  You have heard it so many times before that it no longer means anything, it's like the Boy Who Cried Wolf!  If you remember the story, the boy eventually did see the wolf, but no one believed him.  This is where the similarity begins.  

Mortgage rates have reached a 50 year low.  Those that follow the crowd will miss out on the opportunity of owning a home, those that see the big picture will take advantage of this historic market condition and will surely reap the rewards over the next 30 years.

Freddie Mac can be considered a reliable source for rate information online.  The rate on 7/1/10 was 4.58% for a 30 year fixed mortgage with .7 in points/fees.  TRANSLATION:  Purchasing a home in the Central Valley is more affordable now than it has ever been.  Really it is!  When you combine the fact that real estate prices are back where they were about 10 years ago with the current interest rates being at a 50 year low, the perfect market conditions are present to make a move.  It really is the perfect storm.  

Go to Freddie Mac to confirm the rate as of 7/1/10.  Check with your local Realtor to get prices that are relevant to recent history.  And for mortgage advice, contact Jane Biddle, with Guarantee Pacific Mortgage an affiliate of Wells Fargo.

Don't consider the market as being in a recession but rather consider the market as being in a transformation!