According to Freddie Mac's Monthly Volume Summary for November 2014, mortgage rates are at their lowest averages in over a year. The lower mortgage averages include 30-year fixed mortgages, 15-year fixed mortgages, hybrid adjustable rates ARMs and 1 year ARMs!
According to the article by Realtor Magazine, "Home Buying Gets Cheaper This Week," these rates are an indication of a healthier climate in the real estate market. Or at least a push to urge more home purchases and the refinancing of existing mortgages. Jonathan Smoke, Chief Economist of Realtor.com, observes in the article that anyone who would like to purchase a home soon or refinance their home should take advantage of these rates as they are likely to be short lived. These low rates are sure to spark some activity in the market and that will eventually lead to a surplus to purchasers and refinancers. When this occurs, those rates will begin to inflate. Even if they do, they will still be better than we have seen in many years and inflation is a market indicator of demand. However, it is still recommendable to jump on these rates, if possible.
We have also seen gas prices continue to drop recently. In my area, the PPG is nearly $2.00! Maybe that money saved on gas can be designated for a down payment on a new home!
If you have any questions about real estate, feel free to contact me!
If you or anyone you know needs an agent, I'll be glad to help!
PS if you know anyone with a large family looking for a home in the North Charleston area, we are about two weeks away from having a 6 bed, 3 bath, 3,000 sq. ft home on the market.
PPS We will also have a 4 bedroom, 2 bath home with a detached mother-in-law suite for sale in the Park Circle area in a couple of weeks, as well. The mother-in-law suite could be rented out to offset the mortgage!