With all of the budget problems we are going through, how will it affect interest rates? Well according to NAR Chief Economist Lawrence Yun, rates may increase however, there are other factors that could keep rates down.
Right now the rates have hit an all time low, 4.15%, and will stay low for another 2 years. This is due to the faltering economy. Although rates are at a all time low, sales of homes fell last month by 3.5% compared to the same time last year.
This is an excellent time for buyers to purchase their home.
- NAR Chief Economist talks impact of S&P Downgrade of Federal Debt(craigkamman.wordpress.com)
- Previous Post(greatrealtor.wordpress.com)
- Existing-home sales down again in July(msnbc.msn.com)
- Behind the Numbers: Sales of Existing Homes Down(blogs.wsj.com)
- Existing U.S. Home Sales Drops Unexpectedly(businessweek.com)
- Home sales fall in July(seattlepi.com)
- Buyers have the edge!(kellerwilliamsrealtygrouplimerick.wordpress.com)
- Mortgages: Mortgage rates hit record lows: Freddie Mac(marketwatch.com)