As any new or prospective Rockville home owner knows, low mortgage rates were a major factor in fueling the real estate boom of 2013 that saw home sales and values skyrocket nationwide and in Rockville. With rates under 3.5 percent on a 30-year fixed-rate mortgage for much of early 2013, home buyers scooped up available property at record rates, even as sellers were able to raise prices and net higher sales gains on their Rockville homes. That said, many markets both in Maryland and nationwide slowed up a bit as rates began to rise, climbing all the way up to a 4.49 percent average for September. This was a full point above where the year began, and no doubt affected the decisions of many of those looking for Rockville-area homes. However, a recent major move by the Federal Reserve has seen mortgage rates decline nicely, thus leveling the playing field again for buyers and increasing national home sales.
What Are Today’s Mortgage Rates?
When the average rate on a 30-year fixed rate mortgage dropped to 4.10 percent on October 1st, this was the lowest number the market had seen in four months. It was also part of a movement of lowering mortgage rates in October that saw the month averaging a 4.19 percent rate, according to Freddie Mac—also the lowest average since June. The move came after the Federal Reserve announced that it would continue to spend $85 billion a month on bonds in an attempt to bolster the real estate market strength that has helped lift the country out of the recession.
While rates went up slightly after that October 31st posting with November 7th seeing a 4.16 mortgage rate, these numbers are still far better than what could be had in July through September. Moreover, they signal a significant opportunity for potential Rockville home buyers to scoop up properties in this highly desirable Maryland community while the savings and getting are still good.