Good Time to Buy a House?

If you’ve been thinking about buying your first home, now might be a great time.

I am catching up on my reading this morning, and noticed this article: ‘Home Prices Post Record Drop’ on CNNMoney.com.  According to the home price index, home prices fell 6.7 percent in October, the largest drop in more than 16 years.

In addition to dropping home prices, interest rates are still pretty low (you can get a 30-year fixed mortgage for less than 6.5% if you have good credit).

This is a great combination for first time home-buyers.  If you have a home to sell, the drop in home prices is obviously not good news, but for first time home-buyers the combination of dropping home prices and low interest rates means a great opportunity to buy your first home at a reasonable price, and with a reasonable interest rate to boot!

For more information about interest rates and mortgages, visit CNNMoney’s Loan Center.