April 17, Tax Day, is fast approaching. So, if you itemize, remember to take advantage of the mortgage interest deduction, one of the many benefits of home ownership. The MID saves the average home owner about $3,000 per year. In addition, as mortgage rates bottom out and the rental costs exceed those of home ownership, this spring may be the most vibrant for real estate in years. Climbing rents for apartments are combining with a continued decline in home prices to push once-reluctant home buyers into finally taking the plunge.
Home owners and home buyers still waiting for mortgage rates to reach bottom may have already missed it. The average rate for 30-year mortgages, which hit record lows in February, briefly rose above 4% last month. Many economists predict rates will continue to rise gradually as the economy and housing market recover. Freddie Mac, the government-backed mortgage company, forecasts 30-year rates will hit 4.5% by the end of 2012 and 5% by late next year, up from an average of just under 4% last week. What are you waiting for.
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