Mortgage rates in the US have fallen again to a new record low. The average rate for a fixed thirty year mortgage fell to 2.8% a rate so low it has historically only been seen on 15 year fixed mortgages. Now might be a great time to refinance or consider a cash-out refinance if you have built up equity that you want to tap into. Keep in mind that cash out refinancing will typically result in a slightly higher rate than this historic low. The more equity you cash out, the higher the rate will be.
When I purchased my home in October 2016, exactly four years ago, the best rate available was 3.5% which was a very good rate back then. If you are in the position to find a modest home for a fair price in today’s market, the 2.8% rate is a really great long-term rate. Then again, experts are predicting rates will continue to slide this year and possibly into early next year.
The falling mortgage borrowing rates are just one more variable putting upward pressure on home prices; while rates may be historically low, the combination of low inventory in the suburbs and strong demand is pricing out a lot of people despite the opportunity to lock in a low rate. As rates climb once again, moving or buying a new home becomes less attractive, easing pressure and prices in the market.
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This wonderful Cape is situated on one of the best streets in all of Paradise Green: Reed Street. This quiet north-end street has seen a lot of buying and selling activity this year, with homes in the area selling extremely fast. According to public records this home last sold for $269,000 in 2018 and appears to have since undergone a serious amount of renovation. The home was listed in September 2020 at $349,900 and appears to have gone under contract in contingency within 3 or 4 days – very fast!
This picture-perfect 1940 home was built during World War II and features 3 bedrooms and 2 bathrooms featuring 1,373 square feet of living space. This corner lot is surrounded by mature trees and sits on the corner of Reed street and Woodland ave. It’s just a short 5 minute drive to Metro North Stratford station and a 5 minute drive to catch the Merritt Parkway – an ideal convenient location for commuters yet offers all of the peace and quiet of Paradise Green.
Directly neighboring this home on the adjacent corner is 91 Woodland Ave, which is also currently for sale. This neighboring home is a cute 1920 ranch bungalow with 1,181 square feet of living space. It was initially listed for $259,750 but after a price drop is now $235,000. Incredibly, this home was last sold in November 2016 for only $110,000 which was an incredible buy for this neighborhood.
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Information posted is merely the opinion of Time or Space for entertainment purposes only. All information published can be found in Town Records which is made available to the Public.
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