Low Mortgage Rates & First-time Home Buyer Tax Credit Extension Make for a Great Time To Buy

Nov. 16, 2009 - PRLog -- Last week, the president signed a bill that extends the current first-time home buyer tax credit (originally slated to expire at the end of this month) and expands it to include non-first-time home buyers as well (http://realestate.yahoo.com/).

The original tax credit, up to $8,000, remains in effect until April 30, 2010 and now includes an increased income cap (to be eligible for the full credit).  Single tax filers who earn up to $125,000 and joint filers who earn up to $225,000 are now eligible for the full credit.  Additionally, homeowners who have owned their current residence for five of the last eight years are eligible for a credit up to $6,500 when a contract is in effect through April 30, 2010 and close before June 30, 2010.

With tax incentives in place and rates still desirably low, this may be an ideal time to buy a home if you are in the market.  According to Informa Research Services Interest Rate Review, the national average 30-year fixed mortgage rate is still at a low 5.15%.  One year ago, the national average on the same loan was 6.31%.

Finding the best rates on mortgages is made simple now with online rate comparison tables provided by sites such as FreeRateUpdate.com (http://www.freerateupdate.com/), BankingMyWay.com (http://www.bankingmyway.com/), and Yahoo Real Estate (http://realestate.yahoo.com/).  By providing basic property information, you can quickly find the best rates available in your area.

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Since 1983, Informa Research Services, Inc., has provided the financial industry's most extensive array of market research and decision-support information.