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Rising Mortgage Rates Caused By TARP - Crude Hits $75 - October 15, 2008

FDIC loan guarantees, Fannie & Fannie buys of Toxic mortgages, and the TARP is resulting in higher yields, wider GSE Debt spreads and higher ...

FHA Mortgage Rates Flip Against Conventional Rates

When you’re buying a home , where you buy affects your home affordability. Your access to mortgage loans does, too.

According to the National Association of Home Builders, the most affordable metro areas for home buyers remains in the Midwest.

Homes on the West Coast are least affordable.

The data comes from the trade group’s Housing Opportunity Index, a quarterly report tracking home values, median income levels, and mortgage rates in various metropolitan areas nationwide; and, turning them into a rankable list.

Affordable areas are ones in which local incomes are relatively large when compared to local home valuations, and the list includes cities such as Springfield, Ohio; Elmira, New York; and Cumberland, Maryland near the West Virginia border.

The least affordable places to live are in California.

Of the 236 tracked metropolitan areas in the study, the bottom 19 are each in California, including San Francisco, Los Angeles, and San Jose.

When you should sell your home

But right now is a great time for sellers. That’s because sellers made an average profit of 21 percent last year. It remains a strong seller’s market in many key areas. Plus, fixed interest mortgage rates remain affordable. That creates an incentive for buyers to purchase.

Review your options and objectives. Now may be a perfect time to list and sell your home. Or it may be better to wait until the timing matches your life goals. Get advice from experts before making a hasty decision.

The best reasons to sell your home

Common reasons why many people choose to sell their homes include:

A job relocation makes commuting impractical . And you may get a tax deduction for the move in this case.

Quality of life issues . You want a shorter commute or nearness to loved ones. Or a nicer town, with “walkability to shopping, work and entertainment,” says  Suzanne Hollander , real estate attorney, broker and Florida International University professor. “Or it could be health issues. Maybe you need a home with fewer stairs and less upkeep.”

Will I get less than the average mortgage rates if I have great credit?

We are thinking about buying a house, and I just want to know if we have enough for a 10% down payment, decent income, and a great credit score ; can we expect to get below the average mortgage rates that are listed online? Thanks.

Great credit scores get the best rates.

A lender told me that many online calculators put on a rate for an average credit score, but some quote the best rate available.