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Freddie Mac reports the national average commitment rate for a conventional, 30-year fixed-rate mortgage at 3.57 percent in March, up from 3.53 percent recorded in February 2013. Buyers were accessing rates of 3.95 percent in March 2012.
Gary Thomas, NAR president, explains that homes are selling faster. “The typical home sold in March was on the market for one month less than it took to sell a year ago,” he said. “Multiple bidding is becoming more common, and more homes are selling above the asking price, so buyers need to move quickly and follow their Realtor’s advice for contingencies when making contract offers.”
www.StLouisHomesByGina.com The Gina Koerner Team 636-229-8746