LAFAYETTE — Mortgage rates continue to hit all-time lows. Rates on 30-year mortgages are now 3.03%, down for the third straight week and currently the lowest rates on record.
Realtors say with these low interest rates, 'for sale' signs aren't staying up too long and the rates are putting unexpected buyers into the market.
22-year-old Eldridge Peterman is one of hundreds who bought a home in the last 30 days.
"It's a very rewarding and shocking experience I never thought I would feel at 22 years old," Peterman said in his brand new kitchen.
He says before the pandemic he wasn't in the market.
"We don't know what's going to happen in the future, so I wanted to take the opportunity while we have the chance," Peterman explained.
The increase in buyers means less inventory.
"Our inventory is so low, because we have so many people ready to buy," explained realtor Tony Cobarrubia. "The interest rates are so low, and you know where you're at with your job."
"At some neighborhoods, it is absolutely a seller's market. Some neighborhoods you can walk out waving a 'thinking about selling' sign, and you'll have people knocking with offers. In other ares, it's a little harder. So it's a very balanced market."
Cobarrubia says home sales were up by 53% in June compared to the beginning of the year. He adds that he hasn't seen anything like it since September 2005, a month after Hurricane Katrina.
"There was a huge influx in people to Lafayette which depleted the inventory. No other month has been comparable except last month."
Cobarrubia predicts the sales will continue to stay high during the summer.