Housing Frenzy: Buyers Race to Close Deals Before End of Boom
(NEW YORK) -- This could be the last chance for potential home buyers to take advantage of those historically low mortgage rates. The National Association of Realtors says August sales of existing homes hit their highest level since February 2007, with buyers rushing to get in before interest rates rise further. Sales of previously-occupied homes jumped 1.7 percent in August.
On Thursday morning, homebuyers could secure a 30-year fixed-rate mortgage at 4.42 percent, down from 4.56 percent last week. Rates dropped overnight after Federal Reserve Chairman Ben Bernanke said the central bank would keep buying $85 billion in bonds each month.
So how long will this dip in rates last? ABC News polled a number of analysts who say they expect the window of opportunity to close in about three months, and they don't think rates will go much lower than they are today. So lock it in now!
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