The home mortgage market, propped up by more than $1 trillion in government money, is flashing a strong "buy" sign to house hunters.
Extending a summer-long slide, the average interest rate on new 30-year fixed-rate loans nationwide has broken through the 5% barrier to 4.97%, nearing the lowest level in decades, the Mortgage Bankers Assn. reported this week.
And mortgage finance giant Freddie Mac, which separately tracks rates, reported Thursday that the average fixed rate on a 15-year home loan had dropped to 4.46%, the lowest level on record.Borrowers are taking notice. Loan applications jumped 13% last week and are up 50% from late June, the bankers group said. (Source: LA Times)
Please see full article: Borrowers Rush in as Mortgage Rates Slip below 5%
**Not a bad time to buy if you can take advantage of this historic situation (low interest rates and declining home prices) and plan on owning the property for at least 5 years. Please call 310-486-5962 or e-mail me john@skinnerestates.com if you would like to discuss your situation.
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