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Best Month or Season to Buy a Home?

Date:December 14, 2010 | Author:Whitney Tyner | Category:Real Estate Advice

A question in Zillow Advice by km9 asks about mortgage rates this holiday season.

I see that the rates have steadily climbed for a month now. Do you think Thanksgiving, Christmas and New Years are to blame? Or is this the start of something bigger?

Mortgage rates in Zillow Mortgage Marketplace are rising. This week’s Zillow Mortgage Rate Monitor showed rates for 30-year fixed mortgages rose to4.71 percent. This is the highest average rate reported on Zillow Mortgage Marketplace in 30 weeks. The last time rates were this high was May 18, 2010..

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Responses (3)

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Henry Wang 12:13 AM - Dec 15,2010

Does anyone think that this is a sign of economic recovery? House market is becomeing more stable as I think. Maybe a good time to think of buying or exchanging your house.
Atlanta 9:26 AM - Dec 15,2010

It sounds like it could be. In the Spring or early Summer we should know.
John Durham 11:56 AM - Dec 17,2010

Whitney,
Something bigger…rates cannot artificially be kept low forever. The interest rates we are presently looking at are still amazingly low based on traditional levels…just not as low as they were.

Henry, two weeks ago I did take your advice and purchased a new home taking advantage of the record low home affordability levels. I did benefit by catching the interest rate at it’s lowest level and locked in with the help of a very good loan officer.