The best news that a new home buyer can hear is that mortgage interest rates are falling. This great news means 2 things to them and that is 1) their payments will be lower for the same exact purchase price or 2) they can increase their purchase price by a few thousand dollars. A few thousand dollars doesn’t seem like a lot but a Las Vegas or Summerlin home buyer could use this new found money to finance in some closing costs or have that extra money to get the home that was just barely out of their reach.
Current 30 year mortgage rates are at 4.21% for well qualified borrowers and 15 year mortgages are averaging about 3.32% right now.
CNN Money article: Mortgage rates hit a 2014 low