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December 20th, 2008 10:08 AM
Please read the following article published by the National Assn. of Realtors.  Interest rates continue to plummet and are now at the lowest levels in 37 years!!!  As I mentioned in the previous blog, there's never been a better time to buy a home.  We have interest rates at historic lows, we have plenty of very nice homes to choose from, and we have sellers who are willing to negotiate.  Undoubtedly, we'll look back on this period as one of the best opportunities ever to buy a first home, vacation home, or rental home!!
 
 

Daily Real Estate News  |  December 19, 2008  |  
Mortgage Rates Plunge to Record Lows
In response to the Federal Reserve's cut in the federal funds rate to near zero, Freddie Mac reports that the 30-year fixed mortgage rate fell to 5.17 percent during the week ended Dec. 18--down from 5.47 percent last week and the lowest since the survey's inception in 1971.

Interest on 15-year fixed loans slipped to 4.92 percent from 5.20 percent.

Meanwhile, the five-year hybrid adjustable mortgage rate dropped to 5.6 percent from 5.82 percent; and the one-year ARM dipped to 4.94 percent from 5.09 percent.

A year ago, the 30-year fixed rate stood at 6.14 percent, the 15-year fixed rate at 5.79 percent, the five-year hybrid ARM at 5.9 percent, and the one-year ARM at 5.51 percent.
Source: The Wall Street Journal, Steve Kerch (12/19/08)

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Posted by Mark Trafton on December 20th, 2008 10:08 AMPost a Comment (0)
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