Mortgage rates near 4.8% on 30 years

What does this mean for buyers? Cheaper payments on larger homes. What does this mean for sellers? Nothing yet, because it’s a buyers market not a seller market. Back when the interest rates where low and the housing market was booming, the rate reduction played a huge role in house appreciation. Even with rates down, the values will not start picking up until there is a shift in supply and demand. The average buyers our company is seeing is purchasing under 100k. This is not on a wide scale but there are still several good properties in Arizona for less than a 100k. The average payments for homes under 100k with an apr of 4.8% is around 622 piti. With payments that low, we know buyers can afford to make the payment, but how many potential buyers are out of the market because of recent foreclosures? Many buyers that were in good standings bought when the market was hot and are now forced to let their homes go because of lenders will not assist borrowers with modifying their loans.