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Spring is in the air... and it is a great time to buy a home!

The National Association of Realtors' announced this week that the national housing affordability index rose in April to the second highest level since 1971, meaning that the home you may have your eye on is at the most affordable purchase price (in today's dollars) that it has been at in almost 40 years!

If you are in fact contemplating a purchase, you may have noticed mortgage interest rates spiking up over the last week. 30-year fixed mortgage rates average 5.29% this week over last week's average of 4.91%. This is related to a recent rise in the yield of long-term treasuries, however mortgage interest rates are still well below the level they were at a year ago, when the average was more than 6%. For more information on the current interest rate environment read more here: http://www.upi.com/Business_News/2009/06/04/Mortgage-rates-rise-in-week/UPI-93431244132643/

-Sarah Bailey, CFP
Team Neighborcity