With the news that interest rates on a 30-year fixed *conforming loan have dropped below 5%, J. Lennox Scott, chairman and CEO of John L. Scott Real Estate, feels compelled to alert consumers to the fact that now is an opportune time for them to make their move on a home purchase or refinance.
"Even with speculation that interest rates could drop further, there's no guarantee that will happen or that rates will even remain at their current level," said Scott. "In the recorded history of interest rates, they've never dropped this low with the exception of a brief period in 2003."
Scott adds that homebuyers who are concerned about home prices dropping further need to understand the math, "A 1% drop in interest rates is equal to a 10% savings in the sales price of a home." As an example, the following illustrates the savings a homebuyer would assume with today's interest rate compared to interest rates from only a few weeks ago...
See December 11th press release, clik here for full story
To speak with Jason Gardner, Sherwood John L. Scott's #1 Sales Producer about purchasing or selling a home, you can reach him directly at (971) 832-1234 / jasongardner@johnlscott.com / www.TheGardnerTeam.net
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Right on Jason & Amber. Lennox know of what he speaks. We already saw a jump up today and there is no telling what each day will bring.
With the opportunity to purchase a reasonably priced home with such a low interest rate mortgage, buyers need to stop listening to national scare media and investigate what the real situation is here in Oregon -- it is a great time to buy!
The rates right now are incredible. Opportunities for 1st time buyers have not been better in a very long time. Low interest rates and dropping prices...not much to complain about!