More great Real Estate news!

December 27, 2008

Interest rates are at the lowest level since Freddie Mac began it’s mortgage rate survey in 1971!  The rate average fell to 5.14% last week.  With 30 years mortgages being locked as low as 4.75%!  In fact, as one point last week rates were available as low as 4.50%.  This is basically free money.  These are rates that are usually offered for short term CD’s and money market accounts.


To put this in terms of how it affects the monthly affordability of a home purchase, on a $300,000 home this has lowered the monthly payment over $400 from what rates peaked at this year.  With home prices softened and the availability of inventory to select from, this just creates more of a reason to buy real estate now!


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