Show me the money................................ Wow, this is terrific news for anyone who is considering purchasing a home or doing a refinance on the one they have. Mortgage rates have fallen to a record low.
WASHINGTON – Jan. 5, 2009 – Rates on 30-year mortgages fell to a record low for the third straight week and borrowers took advantage of the drop, sending new applications soaring. With the Federal Reserve on the verge of pouring hundreds of billions of dollars into the devastated U.S. housing market, mortgage rates have plunged to the lowest level since Freddie Mac started tracking the data in April 1971. Low rates are a great opportunity for borrowers with solid credit and equity in their homes. But those in danger of foreclosure are still sidelined, and defaults are expected to keep rising in the coming months.
Freddie Mac reported Wednesday that average rates on 30-year fixed mortgages dropped to 5.1 percent this week, down from the previous record of 5.14 percent set last week. It was the ninth straight weekly drop. The survey was released a day early due to the New Year’s holiday. Mortgage rates have plunged by about 1.3 percentage points since late October, Freddie Mac said.
For a borrower taking out a $200,000 loan, that means a savings of more than $170 in monthly payments. Mortgage applications last week remained at the highest level in more than five years, the Mortgage Bankers Association said.
I am really excited about this. This could be the beginning of the Real Estate market recovery. If you or someone you know is seeking a professional, full-time REALTOR , in Central Florida, I'd welcome the opportunity to earn the business! I realize that many of my readers are located elsewhere then Central Florida, my market. But I can help you find a terrific Realtor wherever you are if you don't already know one.
Do you have any questions about Real Estate? Ask me........
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