Summer is one of the best times of the year to buy a new home. Over the past year, the buyers’ market is seeing an increase in traffic and sales. First time home buyers have been one of the key reasons in successful sales this year.
Now is the time to buy, as mortgage rates are at an all-time low. According to the article, “5 Housing Trends: Heating Up this Summer” from Bankrate, mortgage rates will be on the rise into the end of the year. Through the first half of 2015, interest rates have remained stable at 3.92 percent. By the end of the year, interest rates are set to increase to 4.5 percent. Since the economy is growing, interest rates will continue to rise, and it would be a wise decision to buy a home now before they reach 4.5 percent. As with interest rates, prices are increasing, but you’re in luck in the northeast. Prices have increased just under 5 percent, while the west coast has increased prices by 10 percent. (more…)