by Chris Vogler
Bank of America Home Loans
After dropping to the lowest level in decades last week, mortgage rates fell even further this week! Affordability hasn’t been this good for home purchases in decades.
Interest rates are at lows not seen in 50-60 years, and home prices and selection continue to be the best seen in many years. These two things add up to the fact that buying is affordable and in many cases cheaper than renting. However, the supply of homes in the tri-county area seems to be decreasing slightly and the demand is increasing.
This supply and demand function means that the selection and prices of homes won’t last long. Interest rates for a typical mortgage are in the mid to upper 4% range INCREDIBLE; rates can’t and won’t stay this long for too much longer!
