When the Federal Reserve raised its fund rate about 2 months ago, it was assumed that the mortgage rates were sure to follow. That has not been the case. Currently mortgage rates are close to a record low coming in around 3.5% for a 30 year fixed mortgage which is only 1/4 point above record set back in 2012. CNBC reports that this mortgage rate freefall is a result of financial markets overseas rather than here in the United States.
What does this mean for home buyers? Because of the super low rates, home buyers are able to qualify for larger loans. This allows them to raise the maximum price they are able to spend on their next home. Simply put, buyers are able to get more home for their money.
What does this mean for sellers? Buyers should be coming out of the woodwork during this historical period of low rates. If you have considered selling, now is the time. Buyers are geared up and ready to find their future home.
Spring is notoriously the time when sellers are ready to get their home on the market and when buyers decide to get out and start house hunting. However, with these interest rates, why wait any longer? Call us TODAY at 720-593-2014 to get your house listed or to start shopping. Don’t miss out on this opportunity. Things could change at any time. Our team is eager to assist you with all of your real estate needs.