Mortgage Rates are Down Again
A bittersweet aspect of today's economy is that while certain indicators show little or no growth, mortgage rates are down again,
averaging 4.42 percent for a 30-year fixed rate for the week ending August 19, 2010. That's potentially great news if you want to buy a condo, house or other real estate.
The figure was arrived at as part of a survey of lenders released by Freddie Mac, the second-largest U.S. mortgage finance company. Freddie Mac began its surveys in mid-1971 and the latest figure is the ninth consecutive weekly low. Last year at this time, the rate was 5.12 percent for a 30-year fixed mortgage, according to the survey.
Also dipping to a record low was the 15-year fixed rate, which came in at 3.90 percent. It is the sixth consecutive weekly dip for the 15-year rate.
These new lows for 30- and 15-year mortgage interest rates mean a lot not only for buyers in need of a new mortgage but for people looking to refinance a home, too.
What's bittersweet about the fact that mortgage rates are down again? Well, with the economy sputtering and people concerned about jobs and the future, it may be difficult for some to take the plunge for that first or new home, or even that refinance, despite the super-attractive rates. It can also be more difficult to actually qualify these days for a new loan or a refinance. Lending standards have tightened up considerably recently.
However, if you're looking to finance a condo or obtain a refinance, we have a great resource for you: Bank of America. Click that link in the previous sentence to learn more about why we're associated with Bank of America. It's a lender with great rates, a nationwide reputation and local staff that has been extremely responsive to our clients.
Bank of America offers 30-year fixed rated mortgages, 15-year fixed rate mortgages, adjustable rate mortgages and other types of loans. Be sure to check out Bank of America via that link and drop them a line with any questions you may have.
Don't pass up the current opportunities for ultra-low mortgages. If you are intent on getting that first-time condo or house and have no existing home to sell first, you are in a strong position to take advantage of a distinct buyers market that has resulted in lower prices and/or increased incentives than in the past. And if you do have real estate to sell, remember to seek the assistance of a Realtor®, like the specialists at OwnACondo.com. They'll help you price it competively and market it so you can move up and on to a great new place with a great new loan now that mortgage rates are down again.
