Bob Bates, senior vice president of First National Bank and Trust Company said interest rates were at a 40-year low.
"It's the lowest they've been in most people's lifetime," he
said."Particularly for those that are looking to buy today, there couldn't be a better time." He
added that people who are interested in buying homes need to have that need.He
doesn't encourage people to go out and borrow money just because rates are low.
"If they are renting currently, they probably need to explore what their rental payments are and compare that to what they can buy in the market," Bates
said."I think they are going to find there is going to be some quality housing available out there for some fairly decent payments."
Potential purchasers should remember home ownership carries some different responsibilities than renting does.There are property taxes, insurance and other things to be considered besides the payment every month.
"Of course you've got maintenance," Bates said.