OK Gang....Rates for 30-year home loans went unchanged last week and remain close to record-low levels. What does this mean, great time to buy. The average rate for a 30-year, fixed-rate mortgage was 5.04 percent, the same as a week earlier. Rates, while above the record low of 4.78 percent hit in the spring, are still generally attractive for people looking to buy a home or refinance.
The average rate on a 15-year, fixed-rate mortgage fell to 4.46 percent from 4.47 percent, according to Freddie Mac. That was the lowest level on records dating to 1991. Rates on five-year, adjustable-rate mortgages averaged 4.51 percent, unchanged from a week earlier.
Rates on one-year, adjustable-rate mortgages fell to 4.52 percent from 4.58 percent. With the economy on the mend, the Federal Reserve decided Wednesday to stretch out the pace of a program that has lowered mortgage rates and propped up the housing market this year.
The big news...The central bank now plans to reach its goal of buying $1.45 trillion in mortgage-backed securities and debt by the end of March, rather than by the end of this year, which is a little surprising, and analysts said mortgage rates should remain low for now but could eventually head higher....of course!
While not knowing if we are close to seeing a bottom in this "Topsy Turvy" real estate market, what I do know is this, there are some great properties to be gobbled up at low interest rates and prices we haven't seen in many many years. More to come...
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