Good news for the Central Florida home market: the average rate for a 30-year loan dropped to 4.1% in August, the lowest it’s been since June 2013, according to Freddie Mac. This low means good things for buyers and sellers this fall and beyond!
We have the government stimulus program to thank, in part, for these newer, lower rates. The Federal Reserve has been buying treasury bonds and mortgage-backed securities, preventing mortgage rates from getting too high. Although the program is planning on cutting back in the coming months, this 2014 record-low is good news as it not only makes homes more affordable now—it’s setting a precedent for future buyers.
Keith Gumbinger of mortgage info company HSH.com told CNN that these low rates, in tandem with slowly-climbing home prices, should spur home sales this fall—which is good for sellers as well, who don’t want to wait as their homes sit on the market for months on end!
If you’re looking for a home, now seems like the perfect time to buy. Don’t hesitate to contact me with questions about the buying or selling process, or if you just want more information on what Lake County has to offer!