A recent survey by Freddie Mac, the government lending agency,Â showed mortgage rates easing to new all-time record lows helping to keep homebuyer affordability high. The average for the 30-year fixed mortgage rate has been below 4.00 percent for six consecutive weeks.
The survey concluded that the 30-year fixed-rate mortgage averaged 3.89 percent, with the buyer payingÂ 0.7 points as a loan fee.Â Last year at this time, the 30-year FRM averaged 4.71 percent.
AÂ 15-yearÂ fixed rate mortgageÂ this week averaged 3.16 percent with an average 0.8 point.Â A year ago at this time, the 15-year FRM averaged 4.08 percent.
There are many signs that the economy is turning around.Â Historic low interest rates and low homeÂ prices make this a fantastic time for buyers to purchase a home.Â This combination of factors rarely come together like they currently have.Â Savvy buyers are taking advantage of this and will certainly reap the rewards in the coming years.
With 30 years experience as a realtor in the South Bay, I am uniquely qualified to help buyers find the perfect home.Â Let me know how I can help you...