There is so good news for home buyers and those looking to refinance. The rate on 30-year mortgages has fallen to 3.88 %. That is near the all time low.
It might be worth a trip to the bank to see if making that purchase or doing the re-fi is the way to go.
The housing market is slowly rising from the ashes.
"We're getting there," said Broker/Sales Associate Kathy Devor with Coldwell Banker Abernathy Realty.
Devor says it is most definitely still a buyer's market out there. While some homes have sat on the market for months or even years, others seem to sell before the for sale sign even hits the yard.
"When a good home gets listed for under $150,000 it's sold almost immediately," said Devor.
One thing that she says is lacking is enough homes like that in the market.
"We need more listings," said Devor.
While first time home buying can be terrifying, one thing should ease the worry.
"Low interest rates are great right now, we're near record lows as everyone likes to talk about," said Ryan McClard-VP of Mortgage Lending/Capaha Bank.
Even though the lending process remains strict Ryan McClard says it is easing a bit.
"Overall it's not real cumbersome," said McClard.
McClard says refinancing might work for you as well, but keep in mind a lot of factors come in to play like your credit.
"A lot of questions I will get include, I just bought my home last year can I refinance? Absolutely you can refinance. There's no time limit, just when it becomes profitable for you," said McClard.
It will probably cost you to refinance, but shouldn't cost you anything to visit with your lender about your options.
Some banks right now are offering programs where you may not have to pay closing costs in a refinance situation.
Check with a loan officer near you to decide what if any options are right for you.