If you are trading up or simply ready to buy, there has never been a better time.  Buyers are in control of the market.  There is an oversupply of quality homes.  Sellers are motivated and interest rates are at historic lows.

·       Interest Rates last week were 4.54% from 4.46% the week prior.  Wow!

 Comparison of prior markets     

 ·       Average Interest Rate for 2009 was 5.04%.

·       Average Interest Rate for 2008 was 6.03%.

·       Average Interest Rate for 2007 was 6.34%.

 

This chart shows the change in weekly interest rates from January of 2008 forward based on the Freddie Mac Primary Mortgage Market Survey of approximately 125 lenders. Freddie Mac’s survey is generally viewed as the best indicator of interest rate trends.