According to a weekly survey conducted by Freddie Mac, 30-year fixed mortgage rates have dropped even lower (from 3.79% to 3.78%) from last week. While the numbers may not seem like a huge dip, it's an estimated difference of $48 per month for homeowners. Rates on 15-year fixed mortgages didn't budge since last week, however they are down 3.78% from one year ago. This is great news for those looking to refinance. These record low mortgage rates together with the low home prices give hope for a recovery in the housing market. The National Association of Home Builders and Wells Fargo report that buying a home is more affordable than it's been in two decades. CNN reports, "a person who bought a home in 2006 with 20% down would have made payments of $1,300 a month". Using Bank Rate's online mortgage calculator, you could currently buy a home priced at $165,000 and pay $768.83 a month. How's that for amazing? With over 6 years of experience in the short sale process and an instinctive ability to understand the needs of her clients, Angel Lynn is your trusted real estate expert. Whether you’re a buyer, a seller, or one of the millions currently in danger of foreclosure, contact us today! We’re here to help! Courtesy of CNN Money
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