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According to a recent article in The Wall Street Journal, potential homebuyers may not have a better period to purchase homes for sale than right now.
The article explains that the average rate for a 30-year fixed loan reached a record low for the week ending September 29 at 4.01 percent. This development appears to mean the Federal Reserve's "Operation Twist" is working.
With interest rates dropping significantly, a considerable amount of savings can be had for prospective homebuyers, the article reports. For a $200,000 mortgage, the difference between a 4 percent and 5 percent rate is slightly more than $200 in monthly payments, meaning homeowners can save more than $60,000 during the lifetime of the loan.
In addition to this fact, rents have continued to remain sky-high recently, making it cheaper to buy a home than rent a property in several markets.
According to Standard & Poor's/Case-Shiller home price index, property values were up in 17 of the 20 surveyed cities between June and July, which was the fourth-straight month of increase. This shows that the housing market may have reached its "true bottom" in several areas, which should prompt prospective homeowners to act before the current considerable savings are gone.
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