Interest rates are still hovering just under 5 percent for a 30-year fixed rate loan.  However, they are expected to increase at the beginning of April when the Federal government stops buying mortgage backed securities.

Many buyers are thinking they can wait to make their purchases and get into a binding contract until the end of April to gain the tax credit (which is true), but what they may miss out on is a lower interest rate.  As a result, we are staring down the count-down clock to when the best time to buy will be.

At this point – March 23, 2010 – you have EIGHT days in order to get the most optimal deal…

• Tax credit of $8,000 for qualified first-time home buyers
• Tax credit of $6,500 for qualified previous home owners
• Lower mortgage rate before interest goes up because of government no longer purchasing mortgage-backed securities
• Lower MIP for FHA loans if case number assigned before April 5th (MIP go increase from 1.75 percent to 2.25 percent after April 5th)

This is it, buyers.  The countdown is on and we’re T-minus 8 until time to launch!