Mortgage Rates Hit Record Low

The Associated Press reported on December 3, that the average interest rate for a 30-year fixed rate home mortgage dropped to a record low of 4.71%. This was helped by an aggressive government campaign to reduce borrowing costs. The Federal Reserve is pumping $1.25 trillion (yes, trillion dollars) into mortgage backed securities but this is expected to run out by the Spring of 2010.

What does this mean to you? If you're thinking of buying a home in Arizona not only do you have the opportunity to purchase a home priced lower than they have been in the last 5 years, but you also get a record low rate. This opportunity will not last. As much as that sounds like a sales pitch, it's a fact. Recovery is still a slow process but based on the activity of buyers viewing my listings, I believe we are making some headway.

It's common knowledge that you save tax $$ by having a home investment - whether it's for your own use or as an investment property, you will gain. As someone who currently has 5 properties as rentals, I can tell you it's not easy but the tax deductions are beneficial and I have someone else paying the mortgages.

Call me or visit my website if you want to see some newly listed homes for sale in Arizona.

www.RealEstateAZ4U.com or 480-212-3774

Raymond