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Mortgage Interest Rates at HISTORIC Lows!
Just When You Thought It Couldn’t Get Better!
Mortgage interest rates, especially the 15 year fixed rate mortgage, set another record over the
last week coming in at an astonishingly low 4.32%.
The majority of the loans written are 30 year fixed rate mortgages, either FHA or conventional financing, and those rates came down this week as well to 4.83% down from 4.91% last week.
This is the third straight week of declining mortgage interest rates and the lowest rates have been since May.
From Frank Nothaft, VP and Chief Economist of FreddieMac
1) Rates on the 15 year fixed rate mortgage is the lowest since records began in 1991.
2) New home building showed some weakness in recent months. Residential construction is down 10.6% between September and October. Home builder confidence is at low levels. (um, yeah?)
3) FHA and VA loans were also down with an average yield of 5.47% compared to 5.52% last week.
Local Lender Quotes
Pat Murphy, Guild Mortgage, 916-212-4951, Pat@patmurphyloans.com
The 30 yr fixed rate is below 5.0% again today at 4.75% AND the $8,000 First Time Homebuyers tax credit and $6,500 tax credit to homebuyers that have lived in their present home at least 5 years has passed both the House and the Senate and is now law!
Are you ready to take advantage of this opportunity?
Free Advice – Honest Loans
No question, this is a great time to buy. Getting into contract is a challenge on both sides of the fence. Persistence pays off and a smart approach plus persistence is a winning combination.
Let me know if we can help you. Contact us here.
Wishing you joy and abundance!
Thanks for visiting!
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