Vermont
Mortgage Rates;
On account of its relatively low population, Vermont has never experienced the booms and busts of the housing market. So any sharp downturn in the national housing market is not really felt in Vermont. The market in 2007 will be a more balanced and we will still see homes selling although at a slower rate. Price appreciation will also slow as buyers refuse to over pay for property. The market has moved to a buyers market.
The local economy is still strong with no major job losses expected and Vermont still remains an attractive state to move into. Sellers should be realistic about their asking prices and be prepared to invest more in home improvement to make your homes more attractive to potential buyers. Buyers are more choosy now and aren’t really attracted by ‘fixer uppers’
2007 will be a good time to buy and property still remains a good long term investment.
Buyers have got more choice and will be able to negotiate for extra incentives. The overheating of the housing market was caused by speculative investors, but if you find a good home in the right area and you plan to stay there for a few years, you should still go ahead with the purchase.
Below are examples of rates currently offered.
For loans below $417,000
30 Yr Fixed : rates from 5.875% to 6.625%
15 Yr Fixed : rates from 5.375% to 6.375%
1 Yr ARM : rates from 4.875% to 5.0%
3/1 ARM : rates from 5.125% to 6.5%
5/1 ARM : rates from 5.5% to 6.5%
For loans above $417,000
30 Yr Fixed Jumbo : rates from 6.125% to 6.75%
15 Yr Fixed Jumbo : rates from 5.75% to 6.75%
1 Yr ARM Jumbo : rates from 4.875% to 6.5%
3/1 ARM Jumbo : rates from 5.5% to 6.875%
5/1 ARM Jumbo : rates from 5.625% to 6.5%
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Major Vermont
Cities;
Burlington
Montpelier
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