Just when you didn't think they couldn't go any lower, they drop some more. If this is not the time to buy with prices low and mortgage rates low, I don't know when it will be. In our area, the supply of quality homes is dropping fast and thousands of military folks being ordered here in the upcoming months, it only makes basic economic sense, home prices will rise. So if you are on the fence, you better jump NOW.
Freddie Mac reports that the average interest on 30-year fixed mortgages slipped to an all-time low, for the third consecutive week, to 4.19 percent. At the same time, 15-year fixed-rate loans and the five-year adjustable-mortgage rate both also hit record lows. Rates on the former were 3.62 percent, while the latter averaged just 3.47 percent.
Source: The Wall Street Journal, Nathan Becker (10/15/10)
Monday, October 18, 2010
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