Home values up, mortgage rates down

Written by Sunni Blevins - bio | email
Posted by Iva Radman – email

RICHMOND, VA (WWBT) - Home values are up and mortgage rates are down. Right now could be the perfect time to think about your options as someone who already owns or might be looking to buy a home.

Current mortgage rates are surprising to even some industry experts as we are seeing the lowest on record, down to 4.3% on a 30 year fixed or below 4% on a 15 year loan.

Real estate agents say the economy continues to keep home buying a bit slow, but banks are busy as home owners revisit refinancing.

Experts say you might want to think about it even if your current rate isn't that much higher than the new one. You never know when the rates might go back up.

However, lending rules are much tougher than they used to be. It boils down primarily to credit scores, which have gone from a minimum of 680 to 740 to qualify for the best rates. Advisors say, at the very least, it's worth a call to your lender.

And more good housing news--home values in the Richmond area are on the up and up. Values rose one point 6% in the second quarter to an average of $200,100.

Experts say that could indicate a possible turn in the house market here when the majority of the country is still seeing values drop.

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