The New Year has kicked off with a surge of activity. I think buyers have finally realized it is time to jump off “the fence” and take advantage of low rates and low prices.
Today, for a conforming loan, interest rates are under 5% with no points. Jumbo loans are still high 7 or low 8s. On Jumbo loans the 5 year fixed product is likely to be in the low 6 range. In my 30 year career, conforming, 30 year fixed rates have never been lower. Combining the low interest rates and softer real estate prices, there has never been a better time to buy for first time buyers, move up buyers, and investors.