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Mortgage Rates Historically Low - Right Time to Buy a House?

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    Right now mortgage rates are at an all-time low. The national average of a 30-year mortgage has fallen just below 2.98% for the first time in roughly half a century. Along with this, it looks as if prices are staying right about the same or maybe rising a slight bit.

    Though the other side of that coin is lenders are becoming more and more picky about who they lend to. Recent events have caused quite a bit of uncertainty in the housing and just about every other market. It's just not as easy as it was last year when considering a return on your money.

    Along with the mortgage rates being below 3%, refinanced is skyrocketing. Americans refinanced just about 2 million mortgage loans from January to April, double what the numbers show from the same time period in 2019. Refinancing seems to be on-pace to beat out purchasing this year by far.

    With these things in mind, is it a decent idea to purchase a home right now? A low mortgage rate is obviously a good thing, but are there are downsides to purchasing or refinancing at a lower rate?

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    If you have the means and are in the market, seems a great time to be a buyer. I think it will be a buyer's market for a good while now, so the only hesitation I would have is to consider saving a little more for a down payment, if you aren't quite to 20% down. And/or consider shoring up your credit. If you have both of those in good order though, definitely a good time.
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    My wife and I were debating between purchasing a new house and remodeling our current one and ultimately decided to update our current one for a number of reasons, but one of the main ones is that, at least in Portland, there are a heck of a lot more buyers than sellers right now. That's great for sellers, but not so much for buyers.

    However, if you are able to find the right house for the right price then I say go for it.