When I checked yesterday, the 15 year fixed refi was 3.18 on Bloomberg. Last year’s 2.9 was the lowest in modern history back 50 years. Yesterday’s 3.18 is extremely low. The lowest in the last 50+ except for last year’s low.
House prices are low, interest is low. This is the time to buy a house. It is not possible for it to be significantly better. Fifteen year is so low that it’s about the only loan I’d recommend. What young couple wouldn’t want to be paid off at 45 instead of at 60 years of age?
And for the record, I’m neither a banker, a lender, a realtor, or anything other than a pastor.
Pricing here has recovered almost to pre-bust levels, but we had no bubble to burst. Homes are selling, not quickly by the standards of some other parts of the country, but within historical norms. I’m prepping mine for sale right now. Seems like a great time to get out from under a mortgage without losing your backside, to me. Get into something more conducive to independent living and pay cash for it. Or, get mobile and go to where the opportunities lie. We’re not out of the woods yet, not by a long shot. Grab it while you can, is my perspective.