If you haven’t been paying attention to the economic crisis currently going down in Europe, all you really need to know is that, for Europeans, things don’t look so promising right now. However, interest rates for mortgages in the United States continue to fall, because of this. And that, my real estate professional friends, spells good news for you! The lower the interest rate, the higher the chance a buyer will seek out loans, and a real estate agent to help them purchase a home! Inman is reporting that, for the week ending July 12th, mortgage rates fell to record-breaking lows. 30-year fixed rates ended the week at an average of 3.56 percent, down from 3.62 percent the previous week and 4.51 percent from last year. Dust off your velour bellbottom pants suit to celebrate because the last time rates were this low was 1971!
15-year fixed rates also shattered records by ending the week at 2.86 percent, down from 2.89 percent the previous week and 3.65 percent last year. These rates are at an all-time low, dating back to the first records in 1991.
Have you seen all of our mortgage resources on Homes.com yet? With rates continuing to plummet, now might be a great time to familiarize yourself with our Mortgage Center. Here, you can use any of our nifty mortgage tools to come up with a plan for a client’s upcoming purchase. Help your clients use our Mortgage Calculator to determine what monthly payments they can plan to make on any particular home. You can even show them how to get pre-approved with Wells Fargo or learn about refinancing options. When it comes to mortgages, Homes.com has got you covered.
All of the aforementioned mortgage interest rate numbers, coupled with the increase of new-home and existing-home sales, proves that the housing market is turning over a new, more optimistic leaf. Click here to read Inman’s article and see how more encouraging numbers stack up.