Buying a home is starting to become a no-brainer for a lot of people. With home prices down as much as 40 percent in some areas of Massachusetts over the last five or six years, mortgage interest rates still at historic lows and rents rapidly going up, it's cheaper to buy a home than to rent for many people.
First-time home buyer programs help too.
The average rate on the 30-year fixed mortgage in the U.S. dropped near its all-time this week, making home-buying and refinancing a bargain for those who can qualify, USA Today reported April 12, 2012.
Mortgage buyer Freddie Mac reported that the rate on the 30-year loan fell to 3.88 percent from 3.98 percent. That's just above the rate of 3.87 percent reached in February, the lowest since long-term mortgages began in the 1950s.
The 15-year mortgage, a popular option for refinancing, plunged to a fresh low of 3.11 percent from 3.21 percent last week. The previous record low of 3.13 percent was reached last month.