Interest rates dropping! What does this mean?
The average rate on a 30-year fixed loans declined this week to 4.84 percent from 4.93 percent a week ago, reported Freddie Mac. Also, 15-year fixed loans fell to 4.24 percent from 4.30 percent; five-year, adjustable-rate mortgages declined to 3.91 percent from 3.95 percent; and one-year ARMs fell to 4 percent from 4.02 percent.
This means you can spend less per month, for the next 30 years, on the home you want OR you can buy more house with what you want your payment to be. Home prices are lower, inventory is high and rates are low. Perfect storm for buyers!
I had clients getting 4.5% on 30 year fixed this week. Great time to buy!
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\nBy: on May 21st, 2010 Category: Uncategorized