MORTGAGE RATES HIT RECORD LOWS
Two sets of buyers over the weekend showed me their good faith estimates on 30-Year fixed rates. One was 3.27% and the other was 3.25%! Mortgage rates once again fell to record lows with some help from the Fed Reserve. From what I’m hearing, the Fed hopes to spur economic activity and will do so by keeping interest rates at historically low levels for a while. Mortgage rates fell again from their previous low a week ago.
This is good news for housing since it means more people can afford to buy, and we have certainly seen this is around the Boise area. I hope this means people do not get spoiled by the low interest rates and feel like they are overpaying when rates do creep back up over 4%. I had a cash buyer over the weekend who was going to buy a $200,000 home in Meridian decide to use financing when his lender quoted 3.25%. His statement was right on…”with inflation and the tax write off I’m better off to finance”.
I really feel like this is one of the last “Mortgage Rates Hit Record Lows” post I will make. I just don’t see how things can go lower at this point, but we’ll see. It’s real estate – stranger things have happened.
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