Ready to Ring in the New Year with New Low Mortgage Rates!

Happy New Year everyone!

I was just reading an article from the Associated Press about how fixed mortgage rates are still near record lows. The average 30-year home loan averaged about 3.95% last week, which is the lowest it has been since the 1950s!

According to the article, "The average on the 15-year fixed mortgage rose to 3.24 percent. That's up from 3.21 percent, also a record low. Rates have been below 5 percent for all but two weeks in 2011. Even so, this year is shaping up to be one of the worst ever for home sales."

Unfortunately, because of the lingering recession, few people have been able to take advantage of these fantastic rates. Without being able to seel their current home, many people can't move on to their next home. We haven't seen that quite as much here, where home sales have dropped but not nearly as fast as in other parts of the state or nation, and foreclosure rates are relatively low.

If you're thinking that you'd like to start the new year in a new house, please give me a call at 320-894-7528 and I can help you explore your options. With rates staying below 4 percent, now is a great time to buy!

My new year's resolution could be to help you find a new home - and to sell your old house!

Have a safe and Happy New Year,
Noah Hultgren
The FarmlandMan.com
noah@farmlandman.com
320-894-7528

Low Rates, Low Activity

Somehow, mortgage rates have stayed at historically low levels throughout the summer, making it a very attractive time for people to be buying houses. Unfortunately, even though the rates are low, home sales activity has also been low throughout the summer.

I like to use local banks and lenders, but its helpful to look at rates being quoted on national sites like Bankrate.com, which currently shows rates for a 30-year fixed mortgage hovering between 4.35% and 5.35% APR, either of which is a really good rate.

Perhaps sales activity will pick up as the new school year gets closer. If you'd like to move into something new before the school year starts, please give me a call at 320-894-7528 and I'll see what I can do to help you. There are a lot of good value listings out there right now - if you are ready to move, I can help you out!

Mortgage rates going lower, home sales going higher

Finally it seems like things are starting to loosen up in home sales, thanks to record-low mortgage rates. At the end of September, Freddie Mac said that 30-year mortgage interest rates were averaging 4.32 percent - that is awesome! At that number, 30-year rates tied the lowest on record; while 15-year rates were hovering around 3.75 percent, which set a new record low.



In response, the number of home sales started increasing in the last couple months. A report from the National Association of Realtors (NAR) shows a steadily improving market. The Pending Home Sales Index, which is a gauge of future home sales, increased from July to August.



If you are ready to buy a house, or sell your current house, please contact me at noah@farmlandman.com. I'm a little busy in the tractor, but I would love to work with you and meet your real estate needs.

Thanks,
Noah Hultgren
The Farmland Man
www.farmlandman.com

How Low Can They Go?

I just saw an article about how mortgage rates are as low as they have been in my lifetime - currently as low as 4.87 percent for a 30-year fixed rate mortgage (according to Bankrate.com).

If you're ready to buy a house now or in the near future, this might be one of the best times to buy because house prices are nearly as low as the mortgage rates! The worry is always that the prices and rates won't stay low for long. I don't have a crystal ball, but it seems like housing prices are starting to trend upward, and mortgage rates probably will soon as well.

Lawrence Yun, who is the chief economist at the National Association of Realtors, doesn't think it will last long. "I think they won't last much longer than a month or two at best," he said recently. "I can see them going up to 5.5 percent by the end of June, if not sooner."

There are a lot of good, affordable houses on the market right now; and I'd love the opportunity to work with you to find the right one for your needs. Contact me at 320-894-7528 or at noah@farmlandman.com today and we can discuss your situation and start sorting through the housing inventory. Now is a great time to buy!