Interest Rates At An All Time Low
December 22nd, 2008 categories: Home Buyers, Home Sellers, Real Estate News
I’ve never seen interest rates this low. Last year at this time, the 30 year fixed rate mortgage averaged 6.14%, today it is at 5.22%.
As of December 22nd, 2008, the daily rate averages are as follows:
30 year fixed - 5.22%
15 year fixed - 5.05%
7-1 ARM 6.69%
3-1 ARM 6.00%
5-1 ARM 6.06%
This is good news for consumers and the housing market. It may not have a big impact on the market today, but I believe it’s going to next year. Many home buyer’s have been on the fence waiting for prices and interest rates to hit bottom; this could be the beginning of a turn-around for Prescott’s Real Estate market.
If you have ever had a financial planner tell you “buy low, sell high”, well, 2009 is going to be the time to “buy low”.
