Great news for all home buyers. For the 5th week in a row, interest rates have again been reported to be at their lowest levels.

 

Nationally, the 30-year fixed rate mortgage average interest rate is 4.91 percent. This is .07 percent lower than the previous week. Last year at this same time the interest rate hovered at 6.13 percent.

 

Locally in the Eureka, Arcata, McKinleyville and Fortuna markets we’re seeing interest rates average right around 5 percent.

 

For our Humboldt County home buyers this is an awesome time to be purchasing. The Federal Government’s extension of the $8,000 tax credit for 1st time home buyers and the $6,500 credit now being offered to the repeat home buyers, this is a great time to be making a move. And home prices are at their most competitive levels in a decade.

 

Buyers need to watch out as it appears we are seeing the bottom in sales prices for homes priced below $250,000. For homes priced higher than $250,000, there is still softness in market value. And in the $450,000 price range and higher, this market is still spiraling downward as it aggressively searches for its bottom. Our Humboldt Bay area home buyers are finding some tremendous values across the price range spectrum.