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If you're looking at buying a home, right now is the time to do it. Foreclosed properties that have discounted prices are for sell right now. Tons of individuals just want to sell their home. There is a lot of inventory. Much of it needs to be moved. As luck would have it, mortgage interest rates for 30 year fixed mortgages are at an all-time low. So if you would like to get low interest loans for a home, now is the time. Mortgage modification is another option to consider. With rates this low, it's a good idea. Article source - Mortgages becoming seriously low interest loans by Personal Money Store.

Record low rates for mortgages

The 30 year fixed rate mortgage rates are lower than they ever are. 1971 was when the data began being recorded and this week, mortgages have gone down from 4.36 percent to 4.42 percent, says Bloomberg. Granted, these are low cost loans compared to various years ago, but the rates aren't exactly on short term loans. We are considering a large mortgage. It is for 30 years. Right now it is 3.86 percent for a 15 year mortgage. 30 year mortgages will hit that rate by Thanksgiving if they continue.

A ton of inventory around

There are a lot of homes needing to be sold. In fact, it hasn't been this bad since 1983. The real estate market has a 27 year all time high supply of homes for sale. However, that generally means that fewer people are buying. There is right now a 15 year low that was hit on homes being sold. Most are also refinancing, reports Reuters. The unfortunate corollary to all this is that getting credit from money lenders is harder than ever, and the era of unchecked loans for poor credit for purchasing a home is completely over.

Purchase cheap and sell expensive

You need to buy now though if you have credit and a down payment. You can get an excellent deal out of homes right now. Houses sell for half what they're worth. You will never need mortgage modification or to refinance if you get your home now.

Additional reading

Reuters

reuters.com/article/idUSTRE67P30X20100826

Bloomberg

bloomberg.com/news/2010-08-26/mortgage-rates-for-30-year-loans-decline-to-record-4-36-freddie-mac-says.html