If you’re thinking about buying a home, the time to buy is now! Interest rates keep falling to record lows. According to Freddie Mac (FMCC, Fortune 500), rates have fallen to their lowest point in over forty years. The average fixed rate on a 30-year loan fell to 3.31% from 3.34% the previous week in addition to the rate on a 15-year fixed rate loan also dropped to 2.63% from 2.65% in a one week period.
These rates are important to know if you are looking to buy a home. CNN Money says, “Low interest rates are very helpful to the housing market by slashing the monthly costs of ownership, which homebuyers often focus on when calculating if they can afford to buy a home. With home prices also down about 30% from their recent peak, according to the S&P/Case-Shiller home price index, and employment numbers gradually improving, affording a home has rarely been easier.”