It's A Great Time To Be A First Time Homebuyer

Anyone who has recently been considering becoming a home owner for the first time probably has their eye on mortgage rates. Lately you need a very quick eye to keep track of them.

While mortgage rates almost always bounce around a fair amount, they usually do just that; bounce. Bouncing suggests movement both up and down. Lately though, rates seem to be forgetting the whole 'down' part of the equation. In the past few weeks mortgage rates have just gone up and up and up. If anyone was on the fence about whether or not to lock their interest rate a few weeks ago, they're certainly kicking themselves now if they didn't take care of that.

However, with that said, you're still in a great spot as a first time home buyer. Not only have prices come down dramatically (much to the dismay of all current homeowners), but on a bigger, historical scale, mortgage rates are still quite reasonable.

So don't sweat the fact that you didn't get the absolute lowest mortgage rate in modern history... rejoice in the fact that while the person that you are buying the house from is probably not happy with the price they are getting, it's not your fault. In addition, you are doing your part to help in the economic and housing market recovery by taking one more house off the market and out of existing home inventory. When enough other people follow your lead, we will finally begin to see things turn around again.

Just don't stay on the sidelines too much longer or you'll not only miss the lowest mortgage rates, but you'll miss out on the lowest home prices (and highest affordability index) we have seen in a very long time. Just do it. Find that perfect starter home, get your home mortgage, and join the ranks of "homeowners" everywhere.