30 Year Fixed rate Mortgage at historic low Freddie Mac reports that home loans have 4.57% interest rates on average nationally
Posted on | July 9, 2010 | No Comments
According to survey released by Freddie Mac, the interest rates for a 30 year fixed mortgage dropped to a record low this week! No time like right now to find the home of your dreams and close. If you are a new home buyer and started the closing process before April 30th, then you might be able to take advantage of the 8,000 dollar first time home buyer tax credit.
A nice little bonus for those in position to qualify. A 30 year fixed rate mortgage loan is the most popular type and as of July 8th 2010 the average percent of this loan’s interest rate was 4.57 which is just a bit lower than the previous week’s average of 4.58. This is not only a great time to find yourself closing on a new home, but it is also a great time for those who currently own a home and would like to qualify for a better interest rate. Closing costs have to be considered when you refinance so it is not financially responsible to do this without shopping around a bit for acceptable closing costs when refinancing. The down market in the U.S. economy is causing a lot of competition between companies to get the few consumers that are still in position to spend some money, so make sure you use this to your advantage. Although the rates for loans are great and the house market values are more affordable right now, the difficulty overall in the market and economy stems from high unemployment rates of approximately 9.5% nationally, and high rate of foreclosures. If you are in good position to buy a home or refinance, now is the time to lock in a great 30 year fixed rate.
Author: Stephen Johnson