Are you considering buying a home in Raleigh NC this year? If so, now might be the best time to do so. With the fluctuating real estate market, it's hard to tell what might happen next. We do know that Raleigh NC is a great place to buy and sell a home without much trouble, as the city is ranked as one of the best in the U.S. to not only visit, but also live in.
Rising Interest Rates in 2015 | Buying a Home in Raleigh NC
While interest rates have gone up since historical lows in May of 2013, the average fixed interest rate for a mortgage is still considered low. Those considering buying a home in Raleigh NC should think about doing so now, as it's expected that mortgage rates will continue to rise a bit in the next few months. Though the rates aren't rising dramatically, it's still a good idea to pursue buying a home now, as opposed to buying in the upcoming spring or summer season when competition is high.
“Mortgage rates rose for the second consecutive week as 10-year Treasury yields surged. Housing starts declined 2% to a seasonally adjusted pace of 1.065 million units and housing permits dipped 0.7% in January,” according to Freddie Mac.
Thankfully, home-builders are confident that new home sales will begin to rise. This confidence comes even after a slighly low score last month in the NAHB (Housing Market Index)
Also according to Freddie Mac:
- A 30-year fixed-rate mortgage averaged 3.76% with an average 0.6 point for the week ending February 19, 2015, up from last week when it averaged 3.69%. A year ago at this time, the 30-year FRM averaged 4.33%.
- The 15-year FRM this week averaged 3.05% with an average 0.6 point, up from last week when it averaged 2.99%. A year ago at this time, the 15-year FRM averaged 3.35%.
- The 5-year Treasury-indexed hybrid adjustable-rate mortgage averaged 2.97% this week with an average 0.5 point, up from last week when it averaged 2.97%. A year ago, the 5-year ARM averaged 3.08%.
- The 1-year Treasury-indexed ARM averaged 2.45% this week with an average 0.4 point, up from last week when it averaged 2.42%. At this time last year, the 1-year ARM averaged 2.75%.
For more information about the status of current real estate trends, be sure to visit back with our blog soon. We will offer more info about January 2015 home sales in upcoming posts!
If you are considering buying a home in Raleigh NC this year, don't hesitate to contact Roark Premier Team. Our expert agents are here to help you get started with the process of searching for and buying your dream home!
So what are you waiting for? Call now! Buying a home in Raleigh NC is easy when you work with Roark Premier Team! Our agents are standing by to help you find the perfect home during one of the busiest times of the year for real estate!