Mortgage rates have gone down to their lowest for the year and are close to their historical lows seen in early 2013. Bankrate reported that the 30 year average rates fell to 4.24% last week and the 15 year rates hit 3.37%. Jumbo rates also fell to yearly lows with the 30 year at 4.29%.
Lower Rates Heading into the Fall Market
The timing of the lower interest rates could be perfect for buyers heading into the fall market. With the summer coming to and end and vacation season winding down, buyer activity tends to pick up in September. This is especially true in Washington DC and close in areas such as Arlington, VA and Bethesda, MD. The increase in buyers can lead to more competition for homes so buyers who take advantage of lower rates now, before the fall market picks up are likely to be rewarded with lower rates and a slightly less competitive market.
For more information about how to take advantage of these historically low interest rates contact your Orange Line Living team today at [email protected] or 571-969-7653.