FollowExpert Wally Kerr – Kerr Team Real Estate
Mortgage rates are at all-time record lows, with 30-year, fixed-rate conventional mortgages at about 3.5 percent and 15-year fixed-rates at or about 3 percent. Rates this low present several options in the real estate market. If you plan to stay in your home at least three more years and your current rate is 4.75 percent or higher, you might benefit greatly by refinancing your home.
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Low mortgage rates also make this an incredible time to invest in local real estate properties. When compared with 2013, home values in Norman increased by 3.9 percent last year, by 5.3 percent in Edmond, up 5.9 percent in Moore, and by 5.6 percent in Oklahoma City.
If you know you’ll be purchasing a home within the next two or three years, now is the time. With rates this low, you will qualify for more home at a lower rate. If rates go up before you make your purchase, you’ll have less purchasing power and may miss out on some great home value appreciation.
Wally Kerr may be reached at 405-330-3000 or wally@kerrteam.com
*Data quoted is courtesy of OKC MLS, for residential home sales in 2014 between $5,000 and $5,000,000.
