Mortgage Rates have remained historically low and many people are taking advantage by refinancing. As such, mortgage applications are up and the average interest rate for a 30-year fixed-rate mortgage moved down to 5.18% from 5.44%.
If you are a first-time home buyer, this is a great time to buy! Prices are down and mortgage rates are low. If you have a home to sell, even though you would perhaps sell for less than what you were originally thinking, you would still do very well on the purchase of your new home.