New research shows that it depends not only where, but when, one is looking to buy a home.
According to The New York Times, the national average for a 30-year fixed-rate mortgage was 3.52 percent, which is "up from 3.51 percent the previous week."
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The average rate for a 5/1 adjustable-rate mortgage was 2.63 percent; only a .02% increase.
“When rates are rising, it’s because the economy is improving," said Jed Kolko, the chief economist of Trulia.com, “so buyers are in a better position to put down the down payment and qualify for a mortgage.”
By referencing the graph above, one is able to understand the trends of when to purchase a home.
