While there are no guarantees in life, I don’t know of a better time to buy a first home.
With mortgage rates slightly over 5 percent, huge unsold inventory of houses and condos,Â and thousands of dollars from the federal government, this could be your last chance to buy a home on the cheap.
The federal incentives run out at the end of April. While mortgage rates may go down a little more, odds are that they will rise a little before they RISE A LOT.
So, my other piece of advice is only go FIXED. While a variable rate is more attractive now, you will get slaughtered two to three years from now when interest rates are likely to pick up.
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