Many experts had predicted rates would hit 7% by year-end, yet the past week has shown yet another drop in interest rates -- which are averaging 6.18% for a 30 yr fixed mortgage - based on the week ending Nov 22. This is the lowest that rates have fallen in the past 10 months - since the week of Jan 26.
What does this mean to you, the Buyer? It means you can buy more home for your dollar since your monthly payments will take less of your paycheck.
For Sellers: Perhaps more Buyers will come off the sidelines and decide to take advantage of the new rates and purchase their next home...
Is it time for you to speak with your Lender and see how much home you can afford? Please contact me if I can help -- I know several area Lenders who are trustworthy and deserve your business.
Source: Washington Post 11/25/06