Homebuyers Move off the Fence as Mortgage Rates Drop Yet Again
If you’ve been considering buying your first home or moving up to a larger home, conditions have once again turned in your favor. According to Bankrate.com's weekly national survey, mortgage rates hit yet another record low, with the average 30-year fixed mortgage rate falling to 4.12 percent. The average 30-year fixed mortgage has an average of 0.29 discount and origination points. Meanwhile, the average 15-year fixed mortgage retreated to 3.34 percent, while the jumbo 30-year fixed mortgage slid to 4.55 percent. The average 5-year and 7-year adjustable mortgage rates dropped to 3.02 percent and 3.24 percent, respectively. All of these are record lows. This most recent drop in rates was just announced by Ben Bernanke and the Federal Reserve, along with a pledge to keep short-term interest rates on hold until late 2014. However, given the continued volatility in the market, along with the unpredictable nature of a presidential election year, if you’re considering a home purchase or a refinance, act quickly to take full advantage of low rates. Bankrate points out just how significant these historic rates really are. Think about this: The last time mortgage rates were above 6 percent was November 2008. At the time, the average 30-year fixed rate was 6.33 percent, meaning a $200,000 loan would have carried a monthly payment of $1,241.86. With the average rate now at 4.12 percent, the monthly payment for the same size loan would be $968.72, a difference of $273 per month for anyone refinancing now. Here are other important specifics from Bankrate's national weekly mortgage survey:
If you’d like to take advantage of these incredible market conditions, remember to do the following before embarking on your home search:
Duane Duggan & Tammy MilanoThe Boulder Property Networkat RE/MAX of Boulder 2425 Canyon Blvd. Suite #110Boulder, CO 80302303-441-5611303-441-5612800-825-7000 email@example.com firstname.lastname@example.org
Radon Information | The Boulder Property Network | Getting the Highest Price | Free Home Valuation | COLLEGE STUDENT HOUSING! | INVESTOR Info | Need a REALTOR Referral? | Duane's Online Newsletter | RELOCATION Resources | Real Estate SEMINARS! | Search Local/Nationwide Listings | Duane's Timely Topics! | VIDEOS of Boulder County | CREDIT SCORE INFO | Business Referral Directory | Client Testimonials! | Why Buy Now? | CONTACT INFO | Meet Duane & Tammy | MORTGAGE CALCULATORS | Our Current Listings | Home Buyer Checklist | Real Estate Glossary | Home Page | Duane's BLOG !