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You are here: Home / Business / Realtors say low rates could fuel home buying

Realtors say low rates could fuel home buying

January 4, 2001 By admin

Iowa home sellers are among those elated with Wednesday’s cutting of interest rates by the Federal Reserve Board. Mike Raye, president of the Des Moines Area Association of Realtors, expects a boost in business as he says good news always stimulates activity.The national average interest rate for 30-year mortgages fell to six-point-81 percent Wednesday, down from eight-point-five percent in August. The interest rate cut may encourage some Iowa homeowners to refinance their mortgages, according to Raye. Refinancing a home can cost one-to-three-thousand dollars, depending on the home’s value, but the procedure can save a bundle of money in the long run. Raye says interest rates need to drop far enough to make the effort of refinancing pay for itself. He says it takes a drop of one and three-quarters to two percent to make refinancing your mortgage worthwhile.Mortgage rates are now at a two-year low.

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