Mortgage Rates Reach Record Low!

Real Estate Agent with RE/MAX Exclusive Collection

With the Federal Reserve’s announcement to invest in home loans last week, mortgage rates across the nation fell sharply, reaching some of the lowest levels ever seen and bringing in a new wave of opportunity for those currently looking at homes.

According to Freddie Mac’s survey of mortgage rates last week, both 30-year and 15-year fixed-rate mortgages saw decreases. The 30-year rate fell from 3.55 percent to 3.49 percent, and the 15-year rate went from 2.85 percent to 2.77 percent.

With a fresh influx of Reserve money, to the tune of $40 billion every month, being put into mortgage-backed securities, it is expected that rates will continue to fall for the foreseeable future.

In relation to sales and the improving housing market, the National Association of Realtors stated that there has been a 7.8% increase over the year in the total sales of previously owned homes. In addition, there continues to be a steady increase in home prices.

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