Fox Business reported this morning that mortgage interest rates are down to a record low of 3.83 percent. This is fantastic news and is much needed to help keep the momentum in the slowly improving housing market.
Buyers who were waiting to purchase homes are now seeing a sweet spot in the market where prices are low and so are interest rates. Sellers who were on the fence about selling their homes should jump into the market today. One of the major factors in the slow growth is that inventory of available homes is shrinking. Sellers, like buyers, should be taking advantage of the timing in the market. Most analysts agree that home prices will start to go up sometime next year. Will they soot up dramatically? Probably not. So why wait? Why not list today when inventory is low and interest rates are at levels that make buying a home more affordable than ever?