Current Rates Hover Just Above All-time Low
In the last week, long-term U.S. mortgage rates fell to the lowest level since May 2013. Driven by the shifting financial landscape in Europe, the 30-year fixed rate is close to its all-time low of 3.31 percent in November of 2012.
And It Keeps Falling
Most experts agree that rates will drop even lower. In fact, out of all the experts polled by Bankrate this week, 56% believe that the rates will surge even lower. Few (11%) predict an increase in rates in the near future, and the remaining 33% believe that there will be little change in the market.
What This Means For Home Buyers
This is a great time to buy a home! I urge buyers to take advantage of these low rates while they last. With ever fewer homes being put on the market, there is additional urgency to motivate those who are on the fence about buying. The increased competition will continue to drive up home prices. Buyers who wait much longer may end up missing out on the low rates and home prices while they last.
Source: AP Press reprinted in FAR