The American Dream is Back – Asheville Home Buyers


Interest rate dropped again for the fourth straight week, mortgage rates reached their lowest levels this year and close to a record low in ten years.

A 30-year fixed rate mortgage, averaged 4.63 % this week, reports Freddie Mac. Last week, the 30-year mortgage stood at 4.71 % compared to last year at this time, it averaged 4.93 percent.

The 15 year fixed rate mortgage averaging 3.82 % this week from 3.89 % last week. Last year at this time, the 15 year mortgage averaged 4.30 percent.

What does this mean to the Asheville home buyer? The home of their dreams is in reach! Asheville Real Estate’s falling home prices and all time low interest rates home buyers can by more for less and a great low monthly payment.

The American Dream is back and we are finding those renters are no longer waiting and the investors are purchasing properties, the wait is over.

As rates continue to fall, the number of mortgage applications is increasing. Mortgage applications increased 8.2 percent this week compared to one week earlier, reports the Mortgage Bankers Association. The refinancing index increased 9 percent--its highest level since mid March. Mortgage applications for purchase also got a boost, rising 7.1 percent compared to the previous week.

Second home markets like Waynesville and Maggie Valley home sales continue to improve  but still much slower that Asheville home sales.