Now's the time to buy a house


We're at a record low for mortgage rates: the average 30-year fixed-rate mortgage fell to a record low of 2.98% this past week.

Real estate expert J.P. Piccinini says mortgage rates will be at historic lows for the foreseeable future.

"The Mortgage Bankers Association has put out a forecast that rates are expected to stay at historic lows for the remainder of the year."

Piccinini says it's a good time for buyers and sellers.

"We are seeing a very high demand for mortgages; fixed mortgages for 30 years."

Piccinini says this rate drop is the seventh new low since March.

"There's a little slack in sales, but the opportunity's out there; buyers are able to buy a home, assuming they compete and get on the contract for the home, for far less than they were a year ago."

The typical home payment is down about 125 per month compared to last year.


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