The Associated Press reported today that the average rate on the 30-year fixed mortgage fell to a record 3.91 percent this week, the third time this year that rates have hit new lows.
Freddie Mac says the rate on the 30-year home loan fell from 3.94 percent the previous week. The average on the 15-year fixed mortgage was unchanged at 3.21 percent. That’s also a record.
Low rates combined with lower prices are making home ownership more affordable than it has been in many years. It is an incredible opportunity to buy property. The low rate also offers a historic opportunity for those who can afford to buy a home or refinance. It is an incredible opportunity to buy property.
But many Americans either can’t take advantage of the rates or have already done so. As a result, this year will be among the lowest for home sales in decades. Sellers need to be brutally realistic in pricing their property in order for it to sell.
