Trends in Property Sales Change as Mortgage Rates Go Up

The past five years have been home to some of the lowest mortgage rates ever recorded. While not all families have been able to take advantage of the low mortgage rates and commercial notes for sale offered by many lenders nationwide, there are many others who have been able to do just that. Experts have looked at the historic drop in mortgage rates as playing a large role in keeping the housing market above water. As more and more families in Jacksonville experience foreclosures and short sales, low mortgage rates have made it possible for some to purchase property sales in Jacksonville, and this same story is true around most areas of this country.

As a general rule, mortgage rates have been on the rise in the US since 1971 when they hit their lowest point on record. Since that time, mortgage rates have gone up or remained steady, but in light of the recent housing crisis here in the United States it doesn’t come as a surprise to many that his trend was adjusted.

In November of 2012, the interest rates on 30-year mortgages fell to 3.31 percent—the lowest rate it had seen in over 40 years. Since then, mortgage rates have been on the rise again which you can see here, though not significantly.

As of this month, March of 2013, the nationwide average interest rate on 30-year mortgages is 3.63 percent. While higher than the record low, this is still a very low interest rate—one that homebuyers in Jacksonville and those across the Nation should take advantage of if possible, they have been using the HMO Mortgage Calculator and liking the results.

Interest rates on shorter term mortgages are even lower right now, though these rates are on the rise, as well. The current rate on 15 year fixed mortgages is 2.79 percent nationwide. This is up from the 2.76 percent rate it held at the beginning of March.

As mortgage rates continue to grow, potential buyers are encouraged not to hold off too long on looking at property sales in Jacksonville. Talk with your real estate expert today to learn more about how to get started buying a home.