Al Heavens, has an interesting look at mortgage rates in the Philadelphia Inquirer. Heavens says the question most asked of him is, How low can they go? (meaning mortgage rates) This would seem to be on the mind of every potential Sea Isle City or Avalon home buyer and even those looking to refinance.
This is great news for those looking to buy. Homes continually become more affordable the lower the rate of interest. (Need some proof? Check out the mortgage calculator.) The lower rate of interest could also help those looking to refinance in order to avoid foreclosure.
A couple of factors seem to be working in the home buyer’s favor. The Federal Reserve recently cut its federal funds rate and is set to introduce a plan to buy mortgage backed securities. Both should help to push rates below 5%.
A rate below 5% is great news for those looking to sell their home or condo. It is better news for those looking for a long term rate on a mortgage. For many, finding a Sea Isle City home should present no problem.