Ben Bernanke and the Fed announced yesterday that they will not taper the economic stimulus program this month, as everyone had expected. Mortgage rates dropped after the announcement, the U.S. stock market surged into record territory, and gold rose sharply.
What does this mean for buyers and sellers in the Asheville, NC real estate market? Buyers will see lower mortgage rates which means they can afford more house for their budgeted monthly payment, or they can enjoy a lower monthly mortgage payment. Sellers will likely see a sharp increase in buyer activity in the market as a result. Lower mortgage rates typically instigate more activity in the real estate market.