mortgage rates are slightly higher than the historical lows they reached a year ago, average rates are still below what they were several years ago. In recent weeks, mortgage rates have caught a lot of attention since they have come down. This decrease in mortgage rates is an opportunity for home buyers at this time.
With a worse than expected winter that brought harsh weather to many areas of the U.S., less consumers have been looking for purchase a home. As interest in home buying fell, home prices did not rise as rapidly as they did last year. In fact, some areas may have seen home prices decrease. Last year, rapidly rising home prices had an impact on many home buyers as mortgage rates also increased. These two facts put many consumers out of the home buying market.
Right now can be a small window of opportunity for potential home buyers who are looking for a good deal. Many may find that home prices that are not surging and lower mortgage rates will make it possible to purchase a home. However, spring is right around the corner and the busy home buying season will begin. Any shortage of available home inventory for sale will bring a spike in home prices. What is in store for mortgage rates is a mystery, but the Fed’s continuing taper of QE3 is expected to bring along higher rates. At this point in time, a decrease in mortgage rates and the current home prices is another opportunity forhome buyers to enter the market.
via:http://todaysmortgagenews.com/decrease-in-mortgage-rates-an-opportunity-for-home-buyers-90780/?utm_source=rss&utm_medium=rss&utm_campaign=decrease-in-mortgage-rates-an-opportunity-for-home-buyers-90780
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