Newburgh NY – Mortage Rates Today
Is 2013 The Year to Buy Your New Home in Newburgh NY?
The housing market has seen some amazingly low interest rates in 2012. The Primary Mortgage Market Survey has recently published interest rates that are even lower this week! In speaking with a local bank today I was again quoted 3.375 for a 30 year mortgage and 2.65 for a 15 year mortgage for someone with decent credit scores. Although slightly higher than the national average these rates were amazingly low. Even with points these numbers are lower than they have been for quite some time. Low interest rates is great for home buyers AND sellers alike.
Inventory is low for new homes in Newburgh NY. Resales are competing with new homes. Brand new homes are being scooped up before they are completed. This leaves the buyers looking for homes with fewer choices than a year ago. More building permits were filed in the last few months, but the inventory is not showing that more are available. Homebuilder confidence rose in November for the sixth straight month so I am expecting to see some new homes this spring, but that does not mean that prices will not rise too. Although we do not expect soaring price increases the potential for less home at a higher price does exist.
What does this all mean to you? This translates well for both buyers and sellers in the current market. If you are looking to sell your home there will be more buyers that are able to qualify for a mortgage and purchase your home. The buyer pool is bigger and there is the potential for multiple offers on your home. Buyers are able to qualify for more home than previously expected or just have lower monthly payments and live within their budget.
If you are looking to sell your home knowing the market trends can be important as well. By contacting your local real estate professional you can get information about where your home fits into the current market. You are welcome to read additional information on the current mortgage rate trends. Be sure to contact me when you are ready to buy or sell your home. Let’s talk about 2013 … the year to buy a new home.
published by: your real estate expert Janis Borgueta Key Properties of the Hudson Valley as a community service in Newburgh NY. To receive more real estate information please subscribe to this blog. Looking to buy a new home? Search the MLS for Homes in the Hudson Valley. You can contact Janis at (845)-527-7115 or find her on Google+