Mortgage rates are low!
Hi,
It's the start of the first full week of 2009 and there is some good news to report. Mortgage rates have fallen for nine straight weeks. Freddie Mac's survey reported another record low, with 30-year fixed-rate mortgages averaging 5.10% for the week ending December 31. This was down from 5.14% the prior week and from the 6.07% rate of a year ago. In addition, the Mortgage Banker Association's four-week moving average for all mortgage applications increased 10.3%. This shows that consumers are taking advantage of these historically low mortgage rates.
The key point here is, mortgage rates are at their lowest point in almost four decades and lenders are actually still loaning money. Homes are again reasonably priced. And with rates this low, buyers can even finance a purchase and rent it out at a profit. We all know there are other negative economic factors out there. But housing is a key component and with positive attributes like this let's all think optimistically.
Adam Tarr, Associate Broker
ABR, RSPS, e-Pro
RE/MAX Excalibur
Scottsdale, AZ
480-236-7374
adam@WeAreAZRealEstate.com