Access ID:
Pay Online Button

CD Rates

How to take advantage of low rates this winter

Posted on Monday, October 26, 2015 at 10:48:50 AM

Toward the end of the year buyer competition for homes tends to slow down a bit, and that, in combination with affordable interest rates, can create opportunities for homebuyers.

For some time the average 30-year mortgage rate has hovered below 4 percent - on October 15 it was 3.82 percent - making this sort of residential financing relatively affordable. These low rates leave homebuyers in a good place this winter.

"Potential homebuyers are positioned well this winter," explained Patrick Deady, vice president for Home Loan Investment Bank's residential mortgage division. "They can take advantage of the low rates which are forecasted through the year's end and less buyer competition in the slower fall and winter real estate seasons by getting pre-qualified now."

Deady noted that to make the most out of this ideal buyers' climate, interested individuals will first have to collect a number of financial documents, including:

  • Last two years' tax returns.
  • Last two years' W-2s.
  • Two most recent pay stubs.
  • Bank statements from last two months.
  • The most current asset statements for any other funds used for the purchase.

"Once these items are gathered the potential homebuyer should set up an appointment to be pre-qualified by a mortgage professional," Deady said. "With your pre-qualification in hand you are ready to work with a real estate professional to take advantage of low rates and reduced competition. Ask your mortgage professional for a referral for a competent agent to find a home."