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Interest Rates Still Low For Homebuyers

As a real estate professional, you know that there are a number of homes on the market right now. Interest rates are still low and the number of homes for sale is still high, which is a great combination for professionals like you. Zillow Mortgage Marketplace recently announced that the 30-year fixed mortgage rate is at an average of 4.14 percent, which is up 5 basis points from last week. Rates remain essentially unchanged, which means that it is a great time for you amp up your marketing efforts to find buyers who have been on the fence on buying a home.

Mortgage Interest Rates Are Important Consideration

No matter why your buyers are buying-as a second home, a primary home, or investment property, the interest rates have a big effect upon whether a buyer chooses to buy or not. Erin Lantz, director of mortgages at Zillow, said, “Rates were essentially unchanged last week despite a weaker than expected jobs report. Although this week marks Janet Yellen’s first Congressional testimony as the new Federal Reserve Chair, we expect rates will remain fairly flat. This is good news for anyone that is in the market for a new home and mortgage.”

While many people think that the rates have increased due to the economy, the truth is that the increase has not been as significant as it was thought. They are remaining comparatively steady from week to week, which means good news to buyers. This is something that you want to be sure that you base your marketing on to bring in new buyers to the market. Most don’t even realize that they can often buy a home for the same amount or even less than what they are paying for a rental.

Stay Up To Date On Information For Homebuyers

Zillow allows you to stay updated as to the interest rates on a number of different loan offerings, including fixed mortgage rate loans, adjustable rate loans, and any special loan program available to such people as the military, etc. This one stop shop works only to your benefit to ensure that you have the most up to date information in one spot, instead of having to go from site to site.

The real-time mortgage rates that you receive at Zillow are based on thousands of mortgage quotes that are submitted to anonymous borrowers on the Zillow Mortgage Marketplace site. These quotes reflect the most recent rates on the market. At the time of this article, the rate for a 15-year fixed rate loan is currently 3.13 percent and the rate for a 5-1 adjustable rate mortgage is 2.80 percent.

Zillow is a great resource for real estate professionals, as well as homebuyers. Help make your sales even stronger by giving your clients the information that they need to make an informed decision. By knowing the interest rates and being able to give them an idea of what their payments may be can move that sale from a “maybe” to a “definitely.”

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