One of the few home selling tips that is helping sellers now are the historically low interest rates. Freddie Mac is reporting an average rate of 4.58% for a 30 year fixed-rate mortgage. This time last year the rate stood at 5.32%. 15 year fixed-rate loans are sitting at 4.2%
According to Austin Kilgore of www.housingwire.com, rates are being driven down by an increased appetite for American bonds as compared to those of the more volatile European nations.
Banks are anxious as rates near the 4.5% level because they could stand to lose a lot of mortgages that they are servicing as people with equity rush to refinance at these low rates. For those sellers asking how to sell a house fast in today’s market, look no further than showing potential buyers how low their mortage payments will be with today’s rates.
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These rates are about the only thing going for us agents right now. It’s so tough to get buyers to make a decision!
I would agree it is not easy, but a 30 year fixed rate mortgage at 4.5% certainly helps our cause!
These rates are tough to beat. Some folks are actually buying a more expensive house because the payment is the same with the lower rates.