Last year was an amazing year for mortgage rates. This year is even better. Of course, this means a continuing sluggish national economy but locally, the market is stable and improving. Hey, it's true! Ask your techie friends.
Check out the average interest rate on a conforming 30-year fixed interest rate home loan over the past 3+ decades.
1981 = 18.45%
1991 = 9%
2001 = 7%
October 2010 = 4.25%
November 2011 = 4%
2012 = ?
Q: Who should act in today’s housing market?
A: First-time buyers...with stable employment, “trade-up” or “trade-out” buyers (buyers who are also sellers), and financially distressed homeowners who need to lower their overhead.
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