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How Mortgage Consumers Can Profit From Slow Economy

null Getty A window of opportunity for the residential real estate market is upon us. In fact, this is one of the best times in history for those looking to buy, sell, or refinance a home. Here’s why.

Rates Are Low

Mortgage rates are at their lowest level in nearly 50 years. According to lender Freddie Mac, which began tracking the data in the early 1970s, the average rate on a 30-year mortgage is down to 3.24%, well below its long-term average of 7.98%. The current rate is even below its 2019 average of 3.94%. This presents an attractive opportunity for those wishing to sell, refinance, or purchase a new home.

Prices Are High

The price of an existing home is another plus, especially for those looking to sell. According to the National Association of Realtors, the median sales price of an existing home is at a record high of $286,800. This is $50,000 or 24% above the previous record peak which occurred prior to the 2008 financial crisis. However, prices vary widely by region, as the following table shows. Median Price of Existing Homes MJP Home prices also differ within a region. For example, you might pay more […]

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