If there is a postive side to the decline of the stock market, it would be the recent decline of mortgage rates. When my parents purchased their first (and only), home in 1954, interest rates were not this low. With 30 year fixed rates ranging from 4.0% – 4.25% and 15 year from 3.25% – 3.5%, the time to consider a home loan could not be more inviting.
First time buyers, with good credit can still finance receive 100% financing through the Utah Housing Corporation.
Homeowner’s with a 30 year loan, at an interest rate above 4.5%, may want to consider refinancing to a 15 year term. A moderate increase in their monthly payment will save them thousands of dollars!