Posted by admin | Posted in Real Estate | Posted on 31-12-2011
Tags: 30 year fixed mortgage rates, 30 year fixed mortgage rates chart, 30 year fixed mortgage rates history, 30 year fixed mortgage rates jumbo, 30 year fixed mortgage rates today
Mortgages Becoming Seriously Low Interest Loans
Are you looking at buying a home? If so, you need to look now. Foreclosed properties are all over right now. They are fairly cheap too. Tons of individuals just want to sell their home. There is a lot of inventory. Much of it needs to be moved. As luck would have it, mortgage interest rates for 30 year fixed mortgages are at an all-time low. Now is the time to get low interest mortgage loans. You may never even need mortgage modification at prices this low.
Record low mortgage rates
History shows what mortgage rates are. As of now, 30 year fixed mortgage rates are lower than ever. 1971 was when the data started being recorded and this week, mortgages have gone down from 4.36 percent to 4.42 percent, says Bloomberg. The low cost loans are in comparison to just a few years ago, although they aren’t short term cash loans. A 30 year mortgage is what we are looking at. A 15 year mortgage is less. It is about 3.86 percent. At this rate, 30 year mortgages can be at that rate by Thanksgiving.
Plenty of inventory to move
There are a lot of homes needing to be sold. In fact, it hasn’t been this bad since 1983. The real estate market has a high of homes for sale. In fact, it is a 27 year all time high. That means less people want to buy homes. There is right now a 15 year low that was hit on homes being sold. Most are also refinancing, reports Reuters. There is no way you’ll get a loan with poor credit unfortunately, and it is even harder to get credit from money lenders right about now.
Sell homes for a lot after getting at low prices
You should purchase now though for those who have credit and a down payment. Awesome houses are sold for very cheap right about now. Getting a loan now can help you to never need to refinance. Also, you’d never need a mortgage modification.
Additional reading
Reuters
reuters.com/article/idUSTRE67P30X20100826
Bloomberg
bloomberg.com/news/2010-08-26/mortgage-rates-for-30-year-loans-decline-to-record-4-36-freddie-mac-says.html