Mortgage Rates Drop! If Your Thinking Of Selling The Market Is Hot

By Ronald Dwyer Realtor

It is a seller's market in most areas and the market is hot.  Currently we have more buyers than sellers on the market.   
Many sellers have been on the fence as they haven't been sure if this is the right time to sell.  Now maybe the moment you have been waiting for.

The market just got hotter with mortgage rates dropping. 

Mortgage rates decreased this week. The benchmark 30-year fixed-rate mortgage fell 7 basis points to 4.15 percent with some banks going as low as 3.875 percent. The 15-year fixed-rate mortgage fell 9 basis points to 3.35 percent with some banks going as low as 3.062 percent.

The typical 30-year jumbo mortgage fell 8 basis points at 4.08 percent. The average 5/1 adjustable-rate mortgage fell 6 basis points to 3.42 percent.

A basis point is one-hundredth of 1 percent.

For the purposes of this survey, a jumbo mortgage is a loan that is at least $650,000.

With a 5/1 ARM, the rate is fixed for five years and adjusted annually thereafter.

Bottom line, if you were on the fence of buying or selling, now is the time to jump in and lock the low rates before they go back up again according to financial experts.