Is now a good time to buy a home?  Interest rates are still at all time lows - so don't miss your chance to buy a home at a great interest rate!

Freddie Mac released the results of its Primary Mortgage Market Survey and again, the fixed-rate mortgages set record lows¹ for this survey. 30-year fixed-rate mortgage averaged 4.44% with an average 0.7 point for the week ending August 12, 2010.  This is down slightly from last week when it averaged 4.49%.  Additionally, the 30-year FRM averaged 5.29% at this time last year.

Frank Nothaft, Chief Economist of Freddie Mac, reports, "Low rates are helping to heal many battered local housing markets by increasing home-purchase activity. The National Association of Realtors® reported that 65 percent of the 155 metropolitan areas they track experienced yearly increases in the second quarter of this year. This compares to 60 percent of areas in the first quarter and only 44 percent in the fourth quarter of 2009."

¹ The 30-year fixed-rate survey began in 1971, current rates are at record lows since that time.