MORTGAGE RATES ARE HISTORICALLY LOW RIGHT NOW.
Mortgage rates in Oconomowoc go along with the national level trends. The average 30-year fixed mortgage rate as of October 10 of this year stood at 3.77%, according to Bankrate’s latest survey of the largest mortgage lenders in the country. The highest recorded rate for the same type of loan was 18.44% in October of 1981. Mortgage rates have fluctuated over time as the graph via Freddie Mac shows below, but as you can conclude, rates remain low by historic standards.
TAILORED MORTGAGE PROGRAMS & DOWN PAYMENT ASSISTANCE.
Whether you’re buying your first home or your next, there are loan programs out there customized to your individual needs.
– First Time Home Buyer Programs can offer benefits such as a fixed rate mortgage below the standard interest rate.
– FHA Loan Programs can offer low cost rates and a lower minimum credit score, allowing more buyers to qualify.
– Down Payment Assistance Programs can offer help with your down payment and closing costs such as by providing a 0% APR second mortgage with deferred payments, payable after your original mortgage is paid off. To help you find down payment programs that you could qualify for, check out the Down Payment Resource website.
– United States Department of Agriculture Rural Development (USDA) Loan Programs can help low-income applicants that are have trouble obtaining a loan from other resources, qualify for housing, generally in rural areas. There are eligible areas to find homes near Oconomowoc (subject to change) which can be found on the eligibility map via the USDA’s website.
A great starting place for Wisconsin home buyers is the Wisconsin Housing and Economic Development Authority (WHEDA) website which provides detailed information about their programs such as income and purchase price limits, eligible areas, and WHEDA lenders in your area.
LESS AGGRESSIVE BUYER COMPETITION
versus summer and spring real estate markets. The cooler seasons of fall and winter can give you the advantage when hunting for homes in Oconomowoc and surrounding areas due to:
– Many home Buyers with children want to close on a home before the start of the school year, which has now passed.
– Buyers with children in school may also be more occupied with school sports and activities, making them less available to attend private showings.
– Home Buyers often favor house hunting in warmer months when they don’t have to brave the cold weather.
– You have an increased chance of being at the front of the pack to see a home, and get an offer in front of the Seller.
FALL CAN PRODUCE MOTIVATED SELLERS.
Home Sellers are more likely to lower their prices and/or offer more buyer incentives in the fall and winter in order sell their home by the end of the year. Although home prices have appreciated due to the lack of homes for sale in Oconomowoc and nearby areas, buying outside of the spring and summer real estate markets can reduce the possibility from entering a stressful and intense bidding war with other interested home buyers, which would ultimately drive up the final sale price.
If you need recommendations for local lenders in the area or would like to discuss purchasing a home, we would love to help. Contact us anytime to discuss your real estate needs.