Lowest Average Mortgage Rates In 2014

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If you're looking to buy a home, you may want to act fast. Mortgage rates have reached their lowest level so far this year.

Local real estate agents say the nation's average is currently at 4.21% for a 30-Year fixed rate.

The last time interest rates were this low wasn't too long ago, but rates have been on the decline for decades.

Diego Nicholas, a local Casper real estate agent says, "it was about November last year. So if you take a look in the last twelve months, they're the lowest they've been in about forty years."

Nicholas says when it comes to new construction, it's best to have a low interest rate when the house is almost finished being built.

"If you're thinking about new construction, it depends on the lender, but they don't lock in the interest rate until it's closer towards completion. So the sooner you start building it, the better before it goes up too much."

The housing market isn't just good for buyers right now, but sellers too.

"We still have a shortage of houses for buyers. So if people are thinking of selling their house, they can get more for their house than usual because there's not enough inventory for the buyers."

Casper real estate agent Rose Dennis has been a Realtor since 1977 and says she remembers selling houses with astronomical interest rates.

"I actually closed a property in 1982 at 13.5%."

Nicholas says, "my parents had like 16%. I hear people that have had 7% from some years back. And some people are like oh my goodness, it's 4.5%. That's amazing!"

Dennis says she believes the low rates are a sign of how well the economy is recovering.

"The safest bet is that they will go up a little bit because we are at a low spot and the more that the economy recovers, the higher the interest rates will be."

Local Realtors remind homebuyers to not stay focused on the interest rate, but instead look at the whole package because you may be offered a slightly lower rate, but have to pay higher closing costs.

Experts say they're expecting interest rates to increase over the coming year.
Follow Tony Cedrone on twitter @tony_p_said