30 Year Mortgage Rate Drop
Mortgage rates dropped last month to their lowest point in three months, creating enticement for possible home buyers. In turn the price of homes continues to rise as shortage of home inventory continues to dwindle. Freddie Mac said that the average 30-year fixed-rate mortgage in January declined to 3.60% from 3.65%. The rate was 4.45% a year ago. The average rate on a 15-year mortgage slightly dropped to 3.04% from 3.09% last month.
What Low Interest Rates Mean to You?
If you are in the market to buy a new home or refinance, it is obviously great news to you. If you are considering selling your home in the next couple months, low interest rates can also benefit you as there are more house hunters than there are houses for sale. This causes real estate to sell for more money and less time on market. What does your local neighborhood market look like? You could get top dollar for your home in this market. Find out your home valuation.