With almost perfect timing, the beginning of the busy spring buying season has seen the lowest mortgage rates for over a year.
Just three weeks ago, 30 year fixed rate home loans saw the biggest single week decline in over a decade!
The positive results of this are already being documented. Fannie Mae has reported that housing sentiment surged last month, with more consumers believing that now is a good time to buy and sell a home.
This chain of events has led to something of a reassessment of prospects for the homes market this year. Buyers are already out in force, looking to lock in a low rate while they still can. Wise sellers are listing right now to make sure they can capitalize on the new wave of buyer enthusiasm.
Even though there are many predictions that the generally downward trend in rates will continue for some time, as ever there can be no guarantees that this will be the case. The pattern of national and international events and economics will largely dictate where we go from here and we have all seen many times how unpredictable those can be.
So the best advice is to recognize the very positive current market conditions as representing the best opportunity to sell and/or buy for some time and to take full advantage.
We are, of course, here to help you throughout the process. Call us for an informal discussion on the strongest options in your individual circumstances.
Kind regards
Aaron Novello