On September 5, 2017, the 30-year fixed mortgage rate was 3.63%. This is close to historic lows. This low number is significant for both buyers and sellers. Here’s why.
Low Rates for Sellers
As you try to sell your home, you hope to have lots of buyers. When the interest rate is below 5%, buyers naturally increase.
With rates as low as 3.63%, you can count on lots of buyers for your home. With more buyers, you’ll home is likely to sell faster and for more money.
Low Rates for Buyers
As a buyer, the low rate is exactly what you’ve been hoping for. When you walk in to get approved for a loan, you will be approved for a larger amount as the rate goes down.
In 2007, when then the rate was 6.5%, many buyers in this area were only approved for loans up to $150,000. Of course, it was even worse back during the Carter Administration when interest rates were 19%. Then, it was cheaper to buy a house on a credit card.
With an interest rate almost half of what it was in 2007, local buyers are being approved for significantly more.
Whether you are a buyer or a seller, you should take advantage of these record low interest rates. Feel free to call me at 360-852-5530 today.