Freddie Mac released results of its Primary Mortgage Market Survey today showing a continued decline in rates and boasting a new all-time record low for the 15-year fixed, 5-year ARM and 1-year ARM.
The 30-year fixed-rate mortgage is at 4.32%, down from 4.44% at this time last year. The 15-year fixed-rate mortgage is at 3.50%, down from 3.92% at this time last year.
With the record-breaking low mortgage rates and the abundance of inventory on the housing market, this continues to be an amazing time to purchase a home. Buyers in this market are able to be picky and find great deals.
Sellers in this market should be mindful of their potential buyer’s position, and make it very easy for someone to select your home from the crop of other available properties. Take a look at our pricing guide, which provides honest information about what makes your home more valuable than your neighbor’s.
As always, keep in mind that price WILL ALWAYS be the biggest determining factor in your potential buyer’s mind. Again, make it easy for them to choose your home by pricing it appropriately. Remember that you can take 3-6% off of the list price of your home when you choose a flat fee MLS listing since you don’t have to pay a Realtor. This may be the best way to make sure your home sells quickly.
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