It’s double the fun for home buyers: Prices and mortgage rates have both been declining.
The average interest rate dipped from 5 percent to 4.95 percent this week for a 30-year fixed mortgage, according to Freddie Mac. The rate for a 15-year fixed home loan fell to 4.22 percent from 4.27 percent, the agency said.
Those rates, combined with a 1.5-percent slip in Long Island’s January median contract price compared to a year before, have created a momentary sweet spot for home buyers -- and an opportunity for sellers.
“Buyers should try to make a decision as soon as possible because the rates might start to climb again,” says Dorothy Aschkar, president of the Multiple Listing Service of Long Island. “On the seller side, usually the spring is a good time for them because of the shoppers who were hibernating, especially this year because of the weather we’ve been having.”