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I am a multimedia journalist currently working as a Senior Web Journalist/ Videographer with Khaleej Times in Dubai, UAE. Prior to this, I worked as a news editor with CNN’s Indian affiliate in Noida. I graduated from Syracuse University in New York state in 2012 with a Masters degree in Broadcast and Digital journalism. I have worked in video production, online journalism, features writing and market research over a period of four years.

Low Mortgage Rates Prompt D.C. Area Home Sales

By Nilanjana Gupta (Washington D.C.) For more than a year, Sally Swift was renting a house in Silver Spring. But last month, she decided to buy it.

“I suspect we would have purchased no matter what the mortgage rate was, but the idea that it was as low, has it made it clear it was a really good time to buy the house,” she says.

Swift now lives in her own two-bedroom house with her husband and three kids. And it’s not just Swift; many people in the region are closing the deal.

Mortgage rates are at a record low, dipping down to 3.62 percent for a fixed 30-year mortgage. New numbers show that buyers in the region are taking advantage of this incentive. In the mid-Atlantic region, the home sales are up by almost 14 percent compared to the same time last year. In the District alone, the sales are up by about 5 percent.

President of Greater Capital Area Association of Realtors Bonnie Casper says confidence is back in the market.

“A lot of people are now beginning to see they have stability, and are being able to purchase homes and the transactions are really occurring now,” says Casper.

Houses are being sold quickly. According to Casper, homes are on sale for a far shorter period of time this year compared to last.

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4 Comments on “Low Mortgage Rates Prompt D.C. Area Home Sales”

  1. film pour adultes June 15, 2013 at 12:00 pm #

    Im now not certain the place you are getting your information, however
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    • Nilanjana Gupta July 29, 2013 at 2:04 am #

      Hey thanks for your note… This story was done in July 2012… So the numbers apply for that month. Now I hear that the average rate on fixed mortgages on 30-year loan has fallen to 4.31%.. Good luck in your house search 🙂

  2. tornado warning July 18, 2013 at 3:08 pm #

    Wow! This blog looks exactly like my old
    one! It’s on a entirely different topic but it has pretty much the same layout and design. Wonderful choice of colors!

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