Nationwide, April sales of existing homes were up 22.8 percent compared to April 2009, and were up 7.6 percent from March of this year. The driving force behind the jump, of course, was the now-expired tax credits. But another reason to buy is still here: historically low interest rates.
Bankrate.com reported on May 24 that the average for a 30-year, fixed-rate mortgage was 4.87 percent, which is the lowest it’s been in the 30 years that Bankrate has been tracking the figure.
Mortgage rates are tied to U.S. Treasury bond yields, which are low right now because of the financial crisis in Europe.
It’s the best time in our generation to buy,” Moody’s chief economist Mark Zandi told CNBC. “It may be the best time in any generation. Mortgage rates are so low and with homes prices down and lots of inventory, you couldn’t pick a better time to buy or re-finance.”
The extremely low rates won’t last forever – some experts expect about a month, as worries over Europe diminish. Most experts are also calling for strong sales figures for May and June as tax-credit purchases close by the June deadline, then a slowdown in sales as the bump from the credits disappears.
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