Now could be the best time in history to buy a home. Presuming, of course, you have the money and the credit to do so.

The average rate on a 30-year fixed mortgage hit record lows last week, down to 4.01%, according to Freddie Mac. The Federal Reserve's recent "Operation Twist," which was designed to do just this, appears to be doing the trick.

There are a lot of reasons to consider buying a home right now. The big savings on interest is just one of them — the difference between a 4% rate and a 5.5% rate on a $200,000 home loan is just shy of $200 in monthly payments and can save a homeowner more than $60,000 in interest payments across the life of the loan.

Another motivating factor could be the fact that rents remain sky-high in the U.S. right now, and in many markets it's actually cheaper to buy a home than rent a two-bedroom apartment.

And perhaps that's the biggest lesson of all: The best reason to buy a house is because it will become your home — not a path to profits.

 

 

**This info was taken from an article by Jeff Reeves in the Market Watch, on October 3rd, 2011

For more info please follow this link!

http://www.marketwatch.com/story/now-might-be-the-best-time-ever-to-buy-a-home-2011-10-03?siteid=nwhreal