YAKIMA, Wa.- This week a 30-year fixed rate is at 5.5 percent with no buy down, which means you can get more home for your dollar. The only problem is your credit has to be good enough to qualify.
The sub-prime mortgage crisis has banks being more frugal with their loans because they're expecting more from homeowners. Loan officers suggest homeowners work on building their credit and saving enough money for a down payment before they ask for a loan.
As long as you're able to qualify and make all your payments, loan officers say now could be a smart time to buy.
"It's a window of opportunity for re-financing, for buying, remodeling, whatever anyone would want to do," said Lee Spurgin, President of Merit Mortgage.
"It's probably not a necessarily good time for people with lesser than good credit or less than 15 or 20 percent for a down payment on a home," said Mina Worthington, President of Yakima Valley Credit Union.
Mortgage brokers from Merit Mortgage and Yakima Valley Credit Union say interest rates could continue to yo-yo over the next year.