Great news for the Andover and North Andover real estate market!

Mortgage interest rates dropped sharply on the heal of the latest Federal program to back mortgage backed securities.  Local banks and lenders are now offering incredibly low rates for both fixed and adjustable rate mortgages. 30 year fixed rates as low as 5.25% with 2 points or 5.5% with no points are currently being offered by many local lenders. The chief economist for the National Association of Realtors (NAR) estimates that “each 1% decline in mortgage rates could generate between 500,000 and 800,000 home sales. Combined with the recent drop in home prices, homes are more affordable now than they have been in years”.  Whether you’re interested in buying or selling real estate, this is terrific news. Contact me to find out exactly how much more buying power this recent drop in mortgage rates gives you.  I can help you search the MLS  for opportunities in Andover, North Andover, Boxford and surrounding communities.