The Unbelievable Phenom
Since 2005, interest rates have been below the historical 7% good rate. Except for the past 9, going on 10 years, a 7% rate was always the rate to buy a home. Many times rates have be 8-10% with periods in the 14-18% range.
Thus, interest are an absolute Phenom to buyers and sellers. Last two weeks, as shared in Jim's MMG Weekly below, interest rates have been below 4% for a well financed buyers. Yet even a buyer with "a lesser financial profile" would still see a rate just over 4%.
No doubt the economy's slow recovery and the stock market recent stock fluctuations has kept investors in the safe haven of government and other bonds. Jim again explains the indirect but effective relations between these two factors.
Yet, if you are still sitting on the sideline wondering if it is a good time to move, you have to be wondering when with this ride end.
Sure if you miss this rate and buy when rates have "zoomed up" to 5%, you will still have an interest rate rarely seen(except for the past 9-10 years and back in the 50s).
Keep up with this blog and you will know when the trend is turning!
But do you really want to wait??