Rate Update and Real Estate Education

Loan Type Today Last Week
30 Year Fixed 5.87% 5.63%
15 Year Fixed 5.44% 5.22%
1 Year ARM 5.77% 5.65%
30 Year Fixed Jumbo 7.19% 7.06%
5/1 ARM 5.59% 5.32%
3/1 ARM 5.41% 5.18%

Rates may vary but you can use this as a guide to get a good idea on what the rates are currently doing. I read an interesting article today about the housing market ;( http://finance.yahoo.com/real-estate/article/104860/Is-It-Time-to-Buy-Real-Estate) basically each situation is different and should be considered from all aspects. Buys and sellers should educate themselves to the point that they feel comfortable with the sell or purchase of a home. As you probably all ready realize there is no money like selling a house money, and If done right you can make a easy investment that could pay you back thousands of dollars in a couple of years. I have always felt that you do not have to make a ton of money to afford a wonderful home, it is all in the way you approach it. For example a couple just starting out buy a started home or a spec home, they do not overdo it just the basics, a place to start their lives and be happy. As a few years go buy they find that what they owe on the house has not only decreased but, the worth of the home has also improved. This is great however in order to collect on their investment the couple would have to sell. After the sell the couple would need to buy a new home, and they would have a down payment from the sell and could hopefully upgrade homes and use the money they made from the investment and equal out the payment. Now the couple is in a larger home, with upgrades like, yard size, sq footage, improved neighborhood, etc. This process takes time and patience, and is not for the faint at heart, but the results are wonderful. If you have always wanted to have your dream home, and were able to attend medical school, or Harvard law, then this may be your ticket.
I truly believe that a home is a great investment however as a home owner you need to educate yourself to the max, to insure you are going to meet your goals. Another example I know of is a man who had saved a good size amount of money and wanted to purchase several acres to build a home on and retire. The man started looking close to town and quickly realized that the property values of the area had shot through the roof and he soon realized that the hard earned money he had saved was not going to take him as far as he thought. I advised the man to consider moving to an undeveloped part of town, further away from schools and malls and he found exactly what he was looking for without paying the price, for all the extra options he did not need like great schools, close to great jobs, daycare, etc.. Simple adjustments combined with common sense and educating yourself about real estate can go a long way.

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