The lowest home mortgage interest rates in years may make it seem like it’s a home buyer’s market. But realtors say getting those rates is as dependent as ever on having a good credit score.
Interest rates were holding at 3.75 percent Wednesday. According to mortgage lender Freddie Mac, that’s an all-time low for an average 30-year fixed mortgage rate. But Bloomington realtor Donald Griffin, Jr. says home buyers need to have a good credit score — near 800.
“If you’re going to stay in a house at least five years it’s a good time to buy. If not, if it’s a short term type of situation one-two years…we don’t know that the economy is going to be like in the next couple of years so it may not be a good time to buy,” he says.
After looking at several types of houses for a few weeks, new homeowner Lisa Keplinger says she got a 4.25 percent rate locked in.
“You know when you find the right one it just kind of fits and it all works out and all of the bells and whistles pop and everything happens and we closed in short order and everything was great,” Keplinger says.
Both Keplinger and Griffin say patience and persistence are a part of the process. The average rate in 2011 was 4.45 percent.