Interest Rates at All-Time Low
Perhaps the largest factor contributing to the modest increase in the housing market this year, interest rates continue to fall to record lows. Freddie Mac reports that 15-year mortgage rates, popular with people looking to refinance, are at 2.94% – down 3% from last week, even. And average 30-year mortgage rates dropped to 3.67%. Now is the time to buy!
These are the lowest that interest rates have ever been. Even when long-term mortgages first came into being in the 1950s, the rates were still higher than they are today. In addition to all-time low interest rates, prices are down substantially. Land, houses, lake property – everything is down 30% to 40%. If anyone ever wanted to buy property, it’s now.
Read this article from the Associated Press and see for yourself just how affordable purchasing property is right now.