New Year, New Lows

Happy New Year everyone!

New low rates for 30-year mortgages have come with the New Year. I just read an article from the Associated Press about how "Fixed mortgage rates fell once again to a record low, offering a great opportunity for those who can afford to buy or refinance homes."

According to Freddie Mac, the 30-year fixed mortgage rate fell to 3.89 percent, while the 15-year fixed mortgage rateinched down to 3.16 percent. That was the lowest rate on record, which have been kept since the 1950s.

The article goes on to state that "Builders are hopeful that the low rates could boost sales next year. Low mortgage rates were cited as a key reason the National Association of Home Builders survey of builder sentiment rose in December to its highest level in more than a year."

However, the article also acknowledges that fewer people have been able to take advantage of the low rates because of high unemployment rates and stagnant wages. Our area has fared better because of the strength of the farm economy, presenting a unique opportunity for buyers in the region to take advantage of lower sales prices AND lower rates.

If you are ready to buy a house, please give me a call at 320-894-7528.

Take care,
Noah Hultgren
noah@farmlandman.com
320-894-7528