The Atlanta Business Chronicle announced yesterday that mortgage rates have hit the lowest rate, ever. Not only are we at record lows but home prices are down to such a rate that they are now affordable to more Americans than ever before. If these two facts alone are not enough to send first time home buyers running to their Realtors (or Brokers), I don't know what will! Usually with prices and rates, if one is up the other is down.... we are looking at both being low! Give me a call and let's get you in a home before rates climb back up.
I can not remember who first told me this quote but I think it's very fitting for anyone waiting to see if it will drop just a little bit more: "you don't know you've reached the bottom until you've started climbing up the other side and you are looking backwards."
Give me a call and let's get you in your new home! Full story below:
Thursday, March 26, 2009, 2:08pm EDT
Long-term mortgage rates hit record low
Washington Business Journal - by Barton Eckert Contributing Writer
The 30-year fixed-rate mortgage rate has dropped to its lowest level on record.
The average rate is the lowest in McLean-based Freddie Mac's weekly survey dating to 1971. Freddie Mac (NYSE: FRE) says its Primary Mortgage Market Survey shows the 30-year fixed-rate mortgage (FRM) averaged 4.85 percent with an average 0.7 point for the week ending March 26, down from last week when it averaged 4.98 percent. Last year at this time, the 30-year FRM averaged 5.85 percent. The 30-year FRM has not been lower in the life of Freddie Mac’s weekly survey, which dates back to 1971 for the 30-year FRM.
The 15-year FRM this week averaged 4.58 percent with an average 0.7 point, down from last week when it averaged 4.61 percent. A year ago at this time, the 15-year FRM averaged 5.34 percent. The 15-year FRM has never been lower in the life of Freddie Mac’s weekly survey, which dates back to 1991 for the 15-year FRM.
Rates for 30-year FRMs peaked last year at 6.63 percent on July 24th. With this week's 30-Yr FRM, the interest rate difference is almost 2 percentage points, which amounts to a savings of about $225 in monthly mortgage payments for a $200,000 loan.
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We are definitely refinancing, but I would imagine that a lot of people will take the opportunity to jump in as first time home buyers or to trade up.
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