Low Mortgage Rates Spurs Merrick, NY Home Affordability

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Bolstered by record low mortgage rates, there’s never been a better time to invest in Merrick NY homes and real estate.

With the combination of low housing prices and low mortgage rates, there's never been a better time to enter the market and invest in Merrick, NY real estate

With mortgage rates remaining at a record low for the fourth straight week, real estate investors are finding it an opportune time to invest in real estate properties in areas like Merrick, New York, says Merrick Real Estate Specialist Charles Greco.

The 15-year fixed-rate mortgage (FRM) averaged 4.17 percent for the week ending June 10, 2010, according to Freddie Mac's Primary Mortgage Market Survey® (PMMS®). That figure, which was down from last week's 4.20 percent, is the lowest figure ever recorded for the 15-year FRM since Freddie Mac started tracking it in 1991.

While the housing market in New York and surrounding neighborhoods has managed to remain relatively stable, there have been declines, due to high foreclosure rates and the recent expiration of the first-time home buyer’s tax credit, not to mention, also being highly influenced by financial markets.

With mortgage rates at near historic lows, an increasing number of properties have become more available to a wider-range of home-buyers. CNNMoney.com reported that the median home price in New York has dipped below $500,000 making Merrick NY homes at their most affordable in years.

“The increased affordability of the New York real estate market can be taken as a positive indicator that will spur demand for housing, and could eventually lead to a housing market recovery in our area. With the combination of low housing prices and low mortgage rates, there's never been a better time to enter the market and invest in Merrick, NY real estate," commented Greco.

Located in Nassau County on Long Island, Merrick is about 24 miles east of New York City. A picturesque community that combines small town charm with cosmopolitan flair, Merrick offers a relaxed lifestyle with many affordable homes amidst a setting rich with history and natural beauty.

For more information on Merrick, NY homes for sale, contact Realtor Charles Greco, or visit his website at buymerrickhomes.com. The site features property listings and extensive search tools, as well as a host of guides and useful resources on buying and selling Merrick real estate.

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Charlie Greco

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