Gary's Blog

Sunday, November 29, 2009

Mortgage Rates at Record Low!

Mortgage rates hit a record low this past week at 4.78% for a conventional 30-year mortgage. This is the lowest since records were first being tracked in 1971. Last year at this time, rates averaged 5.97%.

This should do well for the nation's real estate sales, which will do well for Maui real estate sales. Especially the low-end, with the tax credit incentives and low rates, buyers find it hard to pass up this once-in-a-lifetime opportunity!

This is my third real estate cycle in my career, and my experience says that typically we see the turnaround start at the low-end of the price spectrum, and work its way up.

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