What does that mean for the average buyer?
It means the average buyer has increased buying power because they are paying less to borrow money.
What does it mean for the folks who want to sell their home?
There are more buyers in the market because people are realizing that paying rent is a waste of money. Since their dollars are going further with the very low rates, we have many more buyers than homes on the market. You know what they say about supply and demand...
The facts:
According to the Mortgage Bankers Association, rates on 30-year, fixed-rate mortgages dropped to their lowest point in over seven years, and overall mortgage applications bumped up 15% as a result.
Purchase activity was 10% higher than a year ago, while refinance applications increased a whopping 224% over the year. Refinances accounted for 66.2% of all mortgage activity for the week, a jump over the 60% share seen the week prior.
If you are wondering what your home is worth, go to 72 Sold MA enter your address and get your price. It's fast, easy and accurate because the value is prepared by me, a local realtor.
Debi Hauer
781-783-2963