Single mother Rachel Adams is applying for her first mortgage. She wants to move her and her 13 month old baby girl out of their apartment, and into a house. "Everything seemed like it's getting lower so I said well hey, I need a home, she needs a yard, and its time for us to go," says Adams.
So Adams came to Vernon Fisk of Southeastern Home Mortgage, who says with average rates around 5%, it's a good time to apply. "It’s an excellent time, in fact in 14 years, I don't know of a better time than right now in terms of qualifying for that first mortgage," says Fisk. "I said well maybe a poor woman like me can finally get into one," adds Adams.
Now these low mortgage rates aren't just beneficial to first time home buyers...experts say if you already have a mortgage and it's fixed at a higher rate, it's a great time to refinance. "If you're gonna be there, I would say anywhere from 5 years, to 7 years, 10 years, definitely there's money to be made by doing a refinance," says Fisk.
Fisk says if you're planning on moving in a shorter time period, refinancing your home may not be worth it right now.
