Great news all around for the housing market! National Association of REALTORS predicts that the home sales will likely rise about 7 percent in 2015, as a strengthening economy, record low interest rates, drop in oil price and job growth leads to a healthier market. Home prices have risen for the past three years cumulatively about 25 percent, which boosts confidence in the market and traditionally gives current home owners the ability to use their equity buildup as a down payment towards their next home purchase. Furthermore, first-time buyers are expected to slowly return as the economy improves and new mortgage products are made available in the marketplace with low down payments and private mortgage insurance. The 30-year fixed-rate mortgage averaged 3.66 percent this week, the lowest weekly average since May 23, 2013, Freddie Mac reports in its weekly mortgage market survey. What’s more, the 15-year fixed-rate mortgage dropped below 3 percent, also for the first time since May 2013. A year ago at this time, 30-year rates averaged 4.41 percent. The interest rates are expected to go up to 4-5.5% in the second or third quarter though and that is why now is one of the best times to buy and sell. https://youtube/watch?x-yt-cl=84359240&v=U9g76qQ6VsU&feature=player_embedded&x-yt-ts=1421782837
Posted on: Wed, 21 Jan 2015 23:05:25 +0000
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