With spring approaching, the low rates may prompt some buyers to take a fresh look at the housing market.
INDIANAPOLIS — Mortgage rates have dipped to their lowest levels in about four years, with the average 30-year rate just under 6%.
With spring approaching, it may prompt some buyers to take a fresh look at the housing market.
In central Indiana, new data from the MIBOR Realtor Association shows January’s median sales price across 17 counties was $300,000. The median sales price for new construction homes, $390,000.
Housing inventory is up roughly 18% compared to the same time last year. Homes are spending an average of 69 days on the market.
MIBOR researchers say buyers are increasingly drawn to walkable neighborhoods with mixed-use property types.
For prospective buyers wondering what a typical monthly payment might look like, here’s one example:
On a $300,000 home with 10% down, the loan amount would be $270,000. At a 5.98% interest rate on a 30-year mortgage, the principal and interest payment would be about $1,625 per month.
With property taxes, mortgage insurance and homeowners insurance, the total estimated monthly payment to between $2,125 and $2,200.