If you are in the market for a house in or near Oklahoma City, start shopping today! Great news was released on another drop in mortgage rates.
Realty Times reports that the first week in May, Freddic Mac is letting you know mortgage rates are traveling down. Freddie's Primary Mortgage Market Survey (PMMS®) indicates the 30-year fixed mortgage is now matching a yearly low of 4.71 percent. In addition, the 15-year fixed has hit 3.89 percent, another yearly low for rates.
This time last year the 30-year fixed was averaging 5.00 percent, with the 15-year fixed at 4.36 percent. So for the week ending May 5, 2011, this is indeed excellent news for the consumer.
Reports from Freddie Mac's Vice President and Chief Economist, Frank Nothaft, noted "Weaker economic data reports reduced Treasury bond yields and allowed mortgage rates to drift lower for the third consecutive week." Other factors included slowed pace for first quarter economic growth, plus slower growth in April for both manufacturing and service sectors.
However, housing market reports were positive. The National Association of Realtors® noted that in March pending homes sales rose. This was the second month in a row to hold its highest index reading since November 2010.
What does this mean for you? If your credit is good, you are fully employed, and you are not over extended on debt, you should check with your banker to pre-qualify for a home loan. It really is the perfect time to buy with rates at an all time low.
If I can help you with buying your home and getting pre-qualified for a loan in Moore, Edmond, Shawnee, or Oklahoma City, please contact me online, give me a call at 405-366-1111 or check out my website.
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