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!
November’s “This Month in Real Estate” video has been released. This month’s edition focuses on the recent increase in existing home sales and how this could be a sign of heightened seller motivation through the fall and winter. Access the video by clicking on the “Play” button below.
For more information on the state of the real estate market, contact us today!
A recent housing survey conducted by Fannie Mae found that 70 percent of Americans believe now is a good time to purchase a home, a number up from 64 percent in January.
The same survey also found that Americans believe the price of rentals will rise by roughly 3.6 percent on average while home prices will rise only 0.9 percent.
One possible explanation for these findings is continued low interest-rates, which have allowed for many potential homebuyers to make the decision to purchase a home.
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!