Freddie Mac reports that mortgage rates continue to remain low,
According to Freddie Mac, loan averages were mostly unchanged this past week as chief economist Frank Nothaft said “the perception of slow growth and low inflation removed any upward pressure on fixed mortgage rates this week.” The 30-year fixed rate averaged 4.37 percent for the week ended Sept. 23, flat with the previous week. Meanwhile, rates for 15-year fixed loans also were steady at 3.82 percent, the lowest since Freddie Mac started tracking it 19 years ago.
My lender friends say that business has not increased significantly in the last few months, but we will be hearing soon from a housing trend tracker who is predicting that in the second quarter of 2011, things will pick up again. When houses start selling, rates will increase so now is the best time to take advantage of low rates.
Source: Tennessee Association of Realtors.
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Be sure to shop lenders as well. While there is not much competition right now for rates since the government has put some rules in place to keep rates low, you may find a slight variance from lender to lender. Be sure to ask about the APR, not just the interest rate, as this will incorporate all of the fees you are paying for the loan in order to give you a more accurate picture of the loan’s cost.
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Posted by: Jazzie30 | September 29th, 2010 1:48 am |