Historic Low Home Loans Now at 3.62% Fixed Rate
(Lake Tahoe Real Estate Blog / July 5, 2012 / Richard Bolen)
Yep (and Eureka!), fixed mortgage interest rates fell again today to new record lows for a 30-year home loan. We don't know what could be better news for South Lake Tahoe home buyers.
According to the Associated Press article, this record plunge provides more incentive to brave a modestly recovering US housing market.
Today's 3.62% interest rate is the lowest since long-term interest rates began in the 1950's.
Also found in the article: Cheap mortgages have provided a lift to the long-suffering housing market. Sales of new and previously occupied homes are up from the same time last year. Home prices are rising in most markets. And home builders are starting more projects and spending at a faster pace.
This can't be anything but good news for home buyers in general, and for the South Lake Tahoe home buyer more specifically.
Previous Lake Tahoe Real Estate Blog posts about Interest Rates:
Oct 9, 2011: South Lake Tahoe Affordability: Interest Rates have never been this low before
Aug 10, 2011: Interest Rates just got even better for South Lake Tahoe, CA home buyers
Aug 3, 2011: Plunging Interest Rates
Jul 12, 2011: A Heads up on Mortgage Bank Relief
May 5, 2011: Interesting Interest Rates
Jun 11, 2010: Talking Low Interest Rates
April 10, 2010: An Interest in Interest Rates
April 27, 2010: You Still Get a 5% Can Mortgage?