On October 8, 2010, the Chicago Sun-Times reported that mortgages are at their lowest rates in many years. Their article said that thirty-year fixed mortgages slipped to 4.27 percent this week, the lowest on records dating back to 1971. This was down from 4.32 percent the week before. A drop in interest on 15-year loans to 3.72 percent from 3.75 percent, meanwhile, was the lowest on records dating back to 1991. Freddie Mac also reported that the five-year adjustable-rate mortgage fell to 3.47 percent from 3.52 percent last week, and the one-year ARM dropped to 3.40 percent this week from 3.48 percent.
W.R. Starkey Mortgage Company reported 30-year rates at 4.875 on Oct. 6 for investment properties after reporting rates of 3.875% for 30-year conventional mortgages and 3.5% for 15-year conventional loans on Oct. 4. Then on October 11, Primary Capital Advisors of Auburn also reported rates for 30-year fixed mortgages at 3.875% and 15-year fixed mortgages at 3.5%. If you are remotely interested in making a home purchase, now might be a good time. Check with your favorite bank or mortgage company for their current rates. You’ll probably be pleasantly surprised. You may even want to check with several lenders for the best rate possible. Many will allow you to lock rates in.
While interest rates are low and home prices are very reasonable is a really good time to look for a property that will suit your needs. Additionally, many sellers are willing to negotiate in the current market. Contact one of the Magnolia agents today and tell them the specifics of the home you’d like to find and the agent will gladly send you information on possible properties that closely match your requirements. Our agents can arrange showings for you.
Don’t miss out on these low interest rates and great home prices. It has been years since we have had these conditions in the Auburn area and the two together may not be available for long.
Blog prepared by Ellen Faurot
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Magnolia Realty @ 6:43 PM
