Interest Rates Historically Low

Here’s some great news for all of us who are keenly interested in Nashville residential real estate, as well as national residential real estate: interest rates have inched even lower in the last few days. Owning a home is now more affordable than ever. The cost of money combined with softening home prices makes NOW the perfect time to get into the home of your dreams.

Fixed mortgage rates have maintained recent lows or set new ones for more than two months now, sinking to 4.42 percent on 30-year loans for the week ended Aug. 19. The rate is down from 4.44 percent the prior week and is the lowest ever recorded since Freddie Mac launched its survey almost 40 years ago. The fixed 15-year average also hit a new low, at 3.9 percent; while five- and one-year adjustable-rate mortgages remained flat at 3.56 percent and 3.53 percent, respectively.
[SOURCES: Wall Street Journal; Information, Inc.]
Many experts predict an upward bump in home prices this fall.  An increase in sales is forecasted as a result of the interest rates continuing to creep downwards.

Mr. Vaughn, slated to VLOG here at Music City Lifestyles about his current home purchase got lucky.  He’s been invited to the hot and wild city of Las Vegas, Nevada for a few days of R&R. Well, coming within an eyelash of buying a home that turned into an aquarium can be stressful. His revelations about his home buying experience will be posted in an upcoming edition. Unless of course he needs a vacation from his vacation. Let’s hope that we’ll be seeing a rested and relaxed new home owner here next week.

See you soon,
Mark

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