According to a recent REALTOR® Magazine report, the average rate for a 30-year fixed mortgage increased from 4.46 percent to 4.61 percent last week.
Many industry experts believe that homebuyers will begin purchasing more rapidly as interest rates increase in order to avoid higher payments in the future.
For more information on buying or selling a home, contact us today!
After decreasing by nearly 30 prcent in July, existing home sales bounced back in August. Although this recovery does not signal an end to the current housing recession, it remains a positive sign for the industry.
According to Lawrence Yun, chief economist for the National Association of REALTORS®, the steps to stabilization may take some time.
“Despite very attractive affordability conditions, a housing market recovery will likely be slow and gradual because of lingering economic uncertainty.”
– Lawrence Yun
Due to the market’s current pace, mortgage interest rates remain at all time lows. Take advantage by contacting us today!
According to Lending Tree’s Weekly Mortgage Rate Pulse, mortgage interest rates fell to new lows again this week. The report notes that interest rates were as low as 4.0 percent for a 30-year fixed mortgage and 3.5 percent for a 15-year fixed mortgage.
Below is Indiana’s data for mortgage rates collected over the past week.
|Lowest 30-Year Fixed Rate||Avg. Loan-To-Value Ratio|
|3.88% (4.01% APR)||69%|
With interest rates still on the downward slope, now is a great time to buy or sell a home!
This is great news for a market that has slowed considerably since the expiration of the first-time homebuyer tax credit April 30.
With interest rates low, now is a great time to buy or sell a home. Contact KW today!