Princeton Town Topics – Let’s Talk Real Estate – January 28, 2015
LOW MORTGAGE RATES MEAN NOW IS THE TIME TO BUY- OR SELL
If you’ve been kicking yourself for missing out on the last round of historically low mortgage rates, you’re in luck: Mortgages rates have dropped again, thanks to a big shift in the bond market due primarily to the steep decline in oil prices. At the end of the second week of January, the average rate for a 30-year mortgage dropped to 3.8 percent, well below last spring’s rate of 4.5 percent.
So what does that mean for you? Simply this: Whether you’re looking to buy a new home or you want to sell the home you currently own, this is the time to take action. As a buyer, you can lock in low rates now that will save you tends of thousands of dollars – or more – over the life of an average 30-year mortgage; as a seller, more buyers are going to be looking for homes to purchase so they can take advantage of today’s low rates. Call an agent today to get the process started before rates begin their inevitable climb.
