The Wall Street Journal announced on July 16 that the mortgage rate for a 15-year loan clocked in at 4.06%. Rates for a 30-year loan were quoted as 4.57%.
I don't have to tell anyone how incredible these rates are. Anyone who is still hesitating on making a home purchase, please consider that these rates will make any home purchase far more affordable than it is likely to be anytime in the future.
I personally remember mortgage rates being at 18% way back when. Time were tough back then for buyers AND sellers. Now? The buyers are in a terrific position with home prices being low, coupled with historically low mortgage rates. Sellers are perhaps not so happy with the price they are getting, but at least they stand a good chance of finding a buyer who can truly afford to purchase their home, given the selling prices and the mortgage rates. Buyers and sellers, rejoice!
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