Mortgage interest rates are very low these days, usually in the 3% to 4% range, which makes for affordable house payments. Rates are said to be at 40 year lows, and combined with low, but increasing, house prices in Eugene Springfield Oregon, makes it a good time to buy.
The latest data from the Federal Reserve Board shows a national average for fixed conventional home mortgages to be 3.35%, which is very low. How long will it stay that way? No one really knows, but analysts are saying rates will stay low until unemployment drops below 6.5% which they’re not expecting in 2013. Last quarter’s GDP actually was in negative territory, attributed to a decrease in defense spending. Get 2 of those in a row and you have a recession, by definition; analysts are not expecting that, though. New home building is expected to contribute significantly to the economy in 2013.
If you are thinking about buying a house in Lane County, please contact me.