When mortgage interest rates started going up recently, it seemed like almost everyone expressed some degree of shock or concern but, we now know that the increase in mortgage interest rates hasn’t affected home sales much at all and after a recent analysis of purchase contracts that were signed during the month of June we can rest easy in knowing that the Real Estate market didn’t experience any negative impact due to rising mortgage interest rates.

Growth in June? Really?

In spite of rising mortgage interest rates in June, sales of new single-family homes actually increased by over 8 percent and are were at an annual rate that’s close to 500,000, the highest they’ve reached since early May of 2008.

Overall, home sales have increased by close to 40% compared to one year ago and the median home price in Bend and across the country is also up close to 8 percent compared to one year ago as well.

Statistics Don’t Lie

Bend Oregon Realtors, mortgage brokers and economists who analyze market data can have confidence in knowing that the mortgage interest rates as of July 2013 are right where they should be for this time of year, when analyzing data from the last five years.

From July 2008 to July 2013, mortgage interest rates for a 30 year, fixed loan, have hovered between 6.250 percent to 4.5 percent so anyone who is saying that we have reason to fear increasing mortgage interest rates or that they will only affect the economy negatively had better think again.

The Right Time to Buy Is NOW

Thanks to the Governments work at stimulating the economy in 2012, via their well-known bond buying program, we have great mortgage interest rates in 2013 but, low mortgage interest rates won’t continue into the foreseeable future especially since it’s rumored that the government is going to end its bond buying program soon.

What does this mean to consumers who are planning on buying homes in Bend or Central Oregon? The answer is that it’s time for them to buy homes now or risk having to spend thousands of dollars more for a 30 year fixed rate mortgage if they decide to buy a home next year.

To learn more about the latest news concerning mortgage interest rates, or to view Bend Oregon homes for sale, contact me today by calling (541) 383-1426.