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Real Estate and Mortgage Industry News b

Real Estate and Mortgage Industry News by Tony Stevenson, SWBC
Mortgage rates have been at even “lower” historic lows for five weeks straight. Steve Walsh, who heads mortgage lender Scout Mortgage in Scottsdale, Arizona, says he has seen a surge in interest among borrowers looking to take advantage of low rates. “There’s a feeling that rates are basically at the lowest they can get.” For those with good jobs and finances, it’s a wonderful time to save potentially thousands of dollars-just based on current low interest rates. Not to mention the affordable housing prices that remain out there. This past Thursday Freddie Mac said the 30 year fixed rate index fell to 3.94% from 4.01% the week before. Mortgage rates are now even lower than they were in the 1950’s. The average 30 year rate reached 4.08% for a few months back then, according to the National Bureau of Economic Research. I have seen a jump in refinance applications as well as a slight jump in purchase applications in my local Texas business-especially in the Texas Hill Country. Keep in mind that it takes at least a 1% drop in rate in order to make it attractive to even consider refinancing as a rule. There are other factors to take into consideration such as asking yourself, “how long do I plan in staying in the home?”. If you are considering buying a home, then the time is obvious, now is that time!

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October 11, 2011 - Posted by | Fredericksburg TX

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