Mortgage Rates Hit Another All Time Low
Posted by The Atlantic Real Estate Team on Friday, July 30th, 2010 at 3:38pm.Mortgage rates are the most affordable they have been in decades.
The national average for a 30-year fixed loan is currently at 4.54%. This latest rate is the lowest for a 30-year fixed loan since Freddie Mac began tracking rates in 1971. It also marks the 5th time in 6 weeks that mortgage companies reported hitting a new average low.
Keep in mind, it is possible to get an even lower rate when a borrower contributes more than 20% toward the down payment or has impeccable credit (sometimes over 720 but preferably over 800). Many times, the best rates available are offered by community banks or credit unions. The reason this is possible is due to the fact that they keep mortgages on their books instead of selling them to investors. Other times, bigger banks or smaller mortgage bankers have the best deals. It all depends upon the situation dynamic of the banking entity and the consumer.
The rates on 15-year fixed loans, a popular choice for refinancing, are also the lowest on record. That average rate fell to 4% from 4.03% last week. If you have been thinking about refinancing, now is the time.
Over the next week, 74% of the industry experts surveyed by Bankrate.com believe mortgage rates will remain relatively unchanged, 21% think rates will rise, and 5% think they’ll fall. The sooner you find a property, the sooner you will be able to lock in a rate.
It is an advantageous time to buy whether it is for the purpose of a primary residence or an investment. Rates are at record lows in addition to housing prices being at their lows - a great combination. Feel free to utilize our mortgage calculator to determine payments and more.
Contact us today so that we can help you make a fantastic investment!
Print
ShareBe the first to comment on this blog entry!
Leave a Comment
- Featured Properties
- Recent Blog Posts
-
Owner Financing
Have you thought about purchasing a home that offers owner financing? Would you like to mortgage a home without payin... Read MoreHome Sales Continue to Rise for Port Orange Area Homes
Home sales for the month of March are on the rise compared to the previous three months in Port Orange, Daytona Beach... Read MoreLooking to Buy in Florida?
Looking to Buy in Florida? Homes sales are up 13% and condo sales are up 29% for the month of February compared to l... Read More