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Are you thinking about buying a new home? Whether you're a first-time homebuyer or planning to move up to a larger home, now is a great time to buy. According to the Fannie Mae National Housing Survey released in September, 70% of Americans think it's a good time to buy, compared with 64% in a similar survey conducted in January 2010. Here are some reasons why: • Low interest rates. Mortgage interest rates are at very favorable levels. According to Freddie Mac, the 30-year fixed-rate mortgage rate hit an all-time low in early October-the lowest in the 40 years that Freddie Mac has been tracking rates--as did the 15-year fixed-rate and 5-year ARM. The 30-year fixed-rate mortgage averaged 4.27% for the week ending Oct. 7, while the 15-year and 5-year ARM were 3.72% and 3.47%, respectively. By purchasing now, you'll lock in a low interest rate that will benefit you for the term of your loan. • Houses are priced right. One positive result of the housing downturn is that prices are more...
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