Released: August 27, 2007

Mortgages remain for some homebuyers

Source: Christine Dugas and Sandra Block, USA Today

What credit crunch? Home buyers with solid credit and money for a down payment are now better positioned than they were a few weeks ago.

The average 30-year fixed mortgage rate is at a three-month low. Home prices in many areas have fallen. And despite the meltdown in non-traditional mortgages, many community banks still offer jumbo loans (above $417,000), though rates have risen.

“If you want to move up to a bigger house or buy a home for the first time, and you have the credit and qualifications to do so, it’s an excellent time to buy,” says Gerri Detweiler of FreeRateSearch.com.

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