Buying or Selling your home is a complex decision with many factors playing into whether or not it is the right time. Current Mortgage rates is a big factor impacting both the buyer and seller. In a strong move, the Feds have lowered the 30 Fixed Year Rate to 4.10%; the lowest since Spring 2013. (source: Freddimac.com)
What does this mean to the consumer? If you thought that your window of opportunity to get a low interest mortgage was gone, you are wrong! In addition, if you have been thinking about selling your home, now is the time to get on the market and take advantage of buyers looking to lock in a low interest rate.
Northwest Arkansas consumers have been taking advantage of the lower interest rate this Spring/Summer as well as RD loans (rural development) in some areas. The government shut-down definitely took a toll on traffic via internet and in drive-bys and open house attendance. Today's move by the Fed will go a long way in helping consumers get back into the hunt for a new home.
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