homes: Mortgage Rates Drop to a 38 year low
- 03/27/09 05:28 PM
Fed Plans Spark Drop in 30-Year Rates The average interest on a 30-year mortgage fell to a 38-year low of 4.85 percent during the week ending March 27 from 4.98 percent the prior week, Freddie Mac reported. The decrease came on the heels of the Federal Reserve's announcement that it plans to purchase another $750 billion in mortgage-backed securities and up to $300 million in Treasuries. President Obama says refinancing is now possible for 40 percent of mortgages and encourages home owners to reap the benefits of the record-low rates.Source: Boston Globe (03/27/09)
The Federal Housing Finance Agency (FHFA) announced that conforming loan limits for 2009 will remain at the 2008 level, except in certain high-cost areas. The good news, however, is that mortgage interest rates have remained favorable as well. Combine this with lower home prices and an increase in inventory in many neighborhoods, and today's real estate market presents a variety of great long-term opportunities. Entire neighborhoods that you may not have been able to afford in 2005 could now be open to you!
Below is an excerpt from the press release, in case … (0 comments)
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