When you put your home up for sale, one of the best ways to determine the asking price is to look at comparable sales. There’s rarely a perfect apples-to-apples comparison, so a pricing
Gas Prices And Mortgage Rates
Dated: January 19 2015
The price of fuel seems pretty unrelated to the mortgage rates, but surprisingly it is all intertwined. According the economic analysts at NAR:
The U.S. Energy Information Administration (EIA) reported that the price of regular gasoline was $2.13 per gallon – its lowest point since a peak of $4 per gallon in May 2011. EIA estimates that the savings could amount to $550 per household in 2015.
"Lower oil prices mean a lower inflation rate, which pushes down mortgage rates," economists note at the National Association of Realtors®' (NAR) Economists' Outlook blog. Indeed, the 30-year fixed-rate mortgage averaged 3.66 percent last week – the lowest average in 20 months – according to Freddie Mac's weekly mortgage market survey. Taking into account the median home price of $205,300, a 0.75 percentage point drop in mortgage rates could yield a savings of about $1,000 annually, according to NAR researchers.
So enjoy the cheap gas prices and low interest rates and buy a new home today!
Latest Blog Posts
Real Estate Is Americans’ Preferred Long-Term Investment From Florida Realtors When asked about the best investment for 10-plus years, 31% picked real estate
Looking for a good deal on a Pinellas Property? Use that text code above, for a complete current list of Fixers.;