Mortgage rates are stabilizing - WALB.com, Albany News, Weather, Sports

Mortgage rates are stabilizing

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May 20, 2004

Albany- Shanda Morine is making plans to buy a home.

"Everyone at some point wants to be a home owner," Morine said.

So she came to the home buyers fair to take the first steps, because like a lot of people, she's ready to kiss her landlord goodbye and say hello to home ownership.

"I think my children, they're old enough to know now that they want to have their own back yard," she said.

Setting out to search for that perfect yard isn't always easy.

"Sometimes the process is very daunting," said Thelma Watson, the executive director of Albany Fair Housing.

This fair gives potential buyers the chance to talk to businesses they're going to need, like banks, real estate agents and home inspectors.

Most people want to eventually own their own home. After all, it's part of the American dream. But it's more than that. It's good for our economy and one of the best ways we can invest in our country.

"Equity is used in a lot of ways that speaks back to the economy," Watson said.

And low interest rates mean it's a good time to be in the market.

"Even though they're creeping back up, they're lower than they were several years ago. So now is a good time."

For Morine, it may be a good time to meet a long time goal.

"Not to many of my family members owned homes," she said. "So that's important for me."

With a little help, she'll go from potential home buyer to stable home owner.

posted at 11:24 p.m. by brannon.stewart@walb.com