Currently the 30 year fixed is averaging at 3.31%, this means more buyers can now qualify for the home of their dreams.
With lower rates, home buyers can purchase the same house and have a smaller payment OR buy a bigger home than they could have before. This is a win/win for every buyer. These record low rates should help the ongoing housing recovery, which is a win for the sellers.
In this market, buyers have more buying capacity and with inventory low due to increased sales, sellers will likely see increases in home prices and multiple offers.
If you would like to buy or sell, these trends may make a difference in planning your move. Check out the mortgage rate trends by clicking here.