Prospective home buyers listen up! There are positive
signs of an improving market, and now could be the
best time to sign a new mortgage.
Mortgage rates have hit their lowest point this year,
and home prices are slowly on the rise.
The average rate for a 30-year loan dropped to 4.10%
last week. That's according to Freddie Mac. Rates
for 15-year loans also slipped down to 3.23%. That's
the lowest level for mortgage rates this year.
These are numbers that haven't been seen since June
2013, when rates were below 4%.
The Federal Reserve's buyback program is partly responsible
for keeping borrowing costs down. The Federal Reserve
has been purchasing treasury bonds and mortgage-backed
securities, providing a steady market for mortgages.