We set our clocks ahead yesterday, signaling the imminent arrival of Spring. Spring typically brings a heightened home buying season with it. This is great news for sellers, but there’s good news for buyers too. Heading into the spring quarter, mortgage rates are hovering around record lows, meaning that there’s never been a more affordable time to buy a home!
On March 1st, Freddie Mac released the results of its Primary Mortgage Market Survey. This survey found that rates on a 30-year fixed-rate mortgage are averaging around 3.9 percent with an average 0.8 point, rates that are nearly 1 percent lower than the 4.87 percent average reported last year around this time. Similarly, the survey found that rates on a 15-year fixed-rate mortgage average around 3.17 percent with an average 0.8 point, nearly 1 percent lower than the 4.15 percent rate averaged at this time last year. Adjustable-rate mortgages, of course, bottom out at even lower rates, some which haven’t been this low in decades. So, if you’ve been waiting for a good time to buy a home, it looks like your opportunity is here!
Give us a call at Cooper Realty and let us help you find the perfect home – 302-644-2266!