If you or someone that you know is hoping to take advantage of the record low interest rates and low home prices, right now is the time to do it. Buying a home has become increasingly affordable over the past few years. We, however, are starting to see a shift in the housing market here in central Ohio and many other regions across the nation.
In a recent newsletter sent to us by the National Association of Realtors(R), there was an article with predictions as to interest rate changes that are likely to take place before the end of the year. According to the NAR article sent out May 7th, “Buyers may want to act more quickly because mortgage rates are expected to tick up slightly by the end of the year. The increase is being sparked by greater demand, says Doug Lebda, CEO of LendingTree. He predicts 30-year fixed-rate mortgages will inch up to 4.5 percent by the end of the year…” The current interest rates, provided to us by Josh Brader of Concord Mortgage Group, are at 3.75 percent for a 30-year fixed-rate mortgage for conventional loans.
There are a lot of great deals available for buyers in today’s market. However, with increases in demand, we are not only likely to seeing higher interest rates, but a rise in home prices as well. If you would like to discuss moving forward with your home search, Jack and I are waiting to hear from you.
Jack Seith, Broker with Re/Max Impact
Reach by Phone or Text at 614-619-7200

























