30 year home loans below 5%

[flippinout]

The rates on 30 year home loans have dropped below 5% for the first time in four months. The average rate on a 30 year home loan is at 4.94%. This is doen from 5.04% last week.

The National Association of Realtors says that the number of signed sales contracts rose for the seventh straight month in August. This was mostly because first time home buyers hurried to take advantage of the tax credit.

Freddie Macs chief economist says that "Low mortgage rates are helping to stabalize home sales"

Mortgage rates may stay low for a while, but can eventually move higher.

[flip_it_fast]

Right now seems to be the best time to get a home loan if you have been thinking about it. I doubt that they stay that low for long.

I had read that the first time buyers credit did really give a boost to the market and thats exactly what was needed.