Benefits of Purchasing New Homes

While the record-setting pace of the last several years is leveling off, savvy consumers can take advantage of creative perks offered by many home builders today.

The past year was a remarkable one for home builders, but the extremely high sales numbers would be hard pressed to continue at that pace. While sales have slowed in the last few months, the market remains strong. Those in the market for a new home are also finding deals to good to pass up.

Buying a new home makes even more sense when you take into account that incentives and offers are giving consumers more flexibility at the bargaining table. Builders and developers have been offering home buying incentives including interest-rate reductions, prepaid homeowner association fees, cable TV and Internet access, appliances, price reductions and help with closing costs.

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Rates Continue To Incline

According to Freddie Mac release, 30-year fixed-rate mortgage averaged 6.49%, with an average 0.6 point, for the week ending April 13, 2006. The 30-year FRM has not been higher since the week ending July 12, 2002.

The average for the 15-year FRM this week is 6.14%, with an average 0.5 point. The 15-year FRM has not been higher since the week ending June 13, 2002.

One of the causes of the mortgage rate increase is the unexpected drop in March’s unemployment rate. The drop indicates that there may be upward pressure on wages in the near future.

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