Mortgage Rates Are Still Low

At the top of each buyer's list of must-haves when it comes to buying a home is affordability. With mortgage rates still near record lows, the Federal Reserve is continuing to put money into mortgage-backed securities funding most home loans. This is making homeownership a new reality for many consumers.

• Rates on 30-year fixed-rate mortgages now average 3.37 percent.

• For 15-year fixed-rate mortgages, which are popular with homeowners refinancing, rates now average 2.66 percent.

The $40 billion-per-month increase in government purchases of mortgage-backed securities guaranteed by Fannie Mae and Freddie Mac is expected to help keep mortgage rates low for an indefinite period.

What does this mean for you?

More buyers may now be in the market to purchase a home, making it easier to sell your home. As a buyer, you may find there's more competition out there when putting an offer in on a home. However, low mortgage rates will help make your dream home more affordable.

If you have any questions about current market conditions in our area, if you're considering selling your home or buying a new one, just contact me. Your neighborhood Realtor®

Kristy O'Connor
Weichert, Realtors - Media
606 E. Baltimore Pike
c: 267.243.6434
KristyLOConnor@gmail.com