Home buying got even more affordable this week as mortgage rates continue to break records and increase home buyer affordability.
For the fourth consecutive week, 30-year fixed-rate mortgages, the most popular choice of borrowers, reached a new all-time low. They averaged a new record of 3.78 percent while a year ago at this time, 30-year rates averaged 4.60 percent. 15-year fixed-rate mortgages held steady at its all-time low set last week of 3.04 percent. Last year at this time, 15-year rates averaged 3.78 percent.
Home Selling in New Albany is all good as well. Inventories of homes-for-sale in New Albany and the Greater Columbus area continues to fall, which has helped to raise overall housing prices as demand picks up. The number of homes currently for sale in the New Albany area is down by 35% over this time last year.
The “Almost” all good in the title this article refers to the fact that for the first time in years, buyers have limited choices of homes for sale in certain neighborhoods and price ranges. For example, in Hampsted Village, a popular New Albany neighborhood of 600+ homes, there are currently only 7 homes for sale. In the New Albany Country Club Communities, there are 44 homes for sale in all price ranges. Typically, this community has 100+ homes available for real estate sale.