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Mortgage Rates Hit Two Year Low

With all of the mass media scares about the motgage market, I thought it would be good to see some good news.

According to an article from the Baltimore Sun and Realtor Magazine Online, Mortgage Rates Drop to Two-Year Lows.

According to the article, for the week ending November 29, rates fell to 6.1% on a 30 year fixed mortgage. Also, a 15 year fixed mortgage fell to 5.73% according to Freddie Mac.

Frank Nothaft, the Freddie Mac chief economist, stated that, "...the decline in mortgage rates to worries about an economic downturn tied to the weak housing and credit markets, which has pushed down interest rates on U.S. Treasuries."

We just wanted to share some good news.... It is still a good time to buy a home!

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Stephen Wolfe & Jason Secor

Living In Greater Birmingham

Your Guide To Living In Greater Birmingham

Posted by Birmingham Alabama Real Estate, Stephen Wolfe on 11/30/2007 01:23 PM

Comments (9)

birmingham, alabama, real estate, hoover, homewood, vestavia, trussville, mountain brook, mortgage rates

This post has been included in Alabama Information Jefferson County, AL Information

9 Comments on Mortgage Rates Hit Two Year Low

I am all for the lower rates. I have been reading sooooooooooooooo many posts about the low interest rates. Hopefully the people that were on the fence are no longer there, but rather are out looking at homes trying to take advantage of not only the buyers market, but the low interest rates. I just hope that people are trying to get into 30yr fixes instead of the arms that have put somemany people in bad positions. Good luck and I hope the rates bring you more business.

11/30/2007 01:33 PM

by Rick Marnon Howell Real Estate Agent (The Michigan Group)

Hi Stephen,
From your mouth to the ears of all those pent up Buyers. Let's hope this get them moving in our direction.

12/01/2007 05:26 AM

by Cynthia Tilghman, Realtor® Onslow County NC Home Specialist (Kingsbridge Realty, Inc)

Stephen, That is great news. I also heard that it looks like Bernake may lower rates once again next month. Could this be the spark that lights the real estate fire? I certainly hope so. I have houses to sell and people to make wealthy.

12/01/2007 08:37 AM

by Jennifer Steck- Denver Real Estate (Rocky Mountain Homescapes, Keller Williams, Denver Colorado)

Hopefully this news will serve as an incentive for qualified buyers to buy now.

12/01/2007 09:37 AM

by DDR Realty, Orange County, NY

Rick, hopefully the good rates will help us and our clients

12/10/2007 02:41 PM

by Birmingham Alabama Real Estate, Stephen Wolfe (LivingInBirmingham.com)

Cynthia, I agree...

12/10/2007 02:53 PM

by Birmingham Alabama Real Estate, Stephen Wolfe (LivingInBirmingham.com)

Derrick, I think we all are hoping so...

12/10/2007 03:01 PM

by Birmingham Alabama Real Estate, Stephen Wolfe (LivingInBirmingham.com)

I know in our area the buyers are out there they are just waiting for good news. The problem is the media is still killing us with all the doom and gloom.

12/10/2007 03:05 PM

by Joey Remondino Broker, GRI, E-Pro (StoneHouse Realty Inc)

Jennifer.... we had another one... good news!

12/13/2007 05:01 PM

by Birmingham Alabama Real Estate, Stephen Wolfe (LivingInBirmingham.com)