May 11th, 2012.
With rental rates rising nationwide owning a home seems more affordable now especially with mortgage rates yet again hitting a record low. Mortgage buyer Freddie Mac said Thursday that the average rate on 30-year loans ticked down to 3.83%. That’s the lowest since long-term mortgages began in the 1950s. And it’s below the previous record rate of 3.84% reached last week (USA Today)
In lower Fairfield County, Connecticut the year to date data is mixed with unit sales and median sales price are flat or down compared to the same time last year as but with more new listings on the market compared to last year. Click on town name to view full report.
If current historical low interest rates do not get your of the fence of renting here in Connecticut….
And if the tax deductions of mortgage interest and property tax do not interest you in purchasing a home then maybe…….
This recent article on how “Renters Outspend Owners on Housing” might make you think twice about staying a tenant. The Real Estate Economy just posted a very informative article by Steve Cook on how renters are now spending 5% more of their household budgets on housing costs than homeowners.
Click here to read more.
William Raveis has an easy to use Rent Vs. Buy?Calculator to help to show you the difference of costs.
To see current mortgage rates here in Fairfield County, Connecticut and to use the mortgage calculator to figure out your payments click here to go to the Mortgage tab.