Much attention was paid to the now expired tax credit and the unique opportunity it presented for homebuyers, and rightfully so.
However, those who didn’t have a chance to capitalize on this financial incentive from the government but plan to buy a home in the near future shouldn’t dwell on it for too long. If they do, they might miss out on an even more important factor that is currently benefiting homebuyers – affordability.
“When it comes to determining housing affordability, no two factors play a bigger role than home prices and interest rates,” said James M. Weichert, president and founder of Weichert, Realtors. “Those who buy today are able to get more home for their buck thanks to a great combination of low interest rates and attractive home prices.”
In fact, according to Freddie Mac, the national average of interest rates for a 30-year fixed convention mortgage was 5.00% last week, less than a tenth of a percent from the all-time record low. That means today’s buyers are able to borrow money on more affordable terms than virtually any other time in the past. More.