Presenting The Lister Sisters!

Daily Real Estate News | January 16, 2009 |

30-Year Rates Fall Below 5 Percent
Mortgage rates dropped to their 11^th straight weekly decline, reaching new record lows, according to Freddie Mac.

Interest rates on 30-year, fixed rate mortgages averaged 4.96 percent this week, down from a previous week’s 5.01 percent.

The low rates have caused a spike in home refinancing loans and a welcome relief to cash-strapped home owners facing a slowing economy and rising unemployment rates.

“The fact that interest rates have dropped to a record low is an important development since more affordable home financing could help bring buyers back to the market and prevent some of these foreclosures,” says Lawrence White, professor of economics at New York University’s Stern School of Business.

Other rates were mixed for the week:

15 year fixed rates: averaged 4.65 percent, up from 4.62 percent.

1-year adjustable rate mortgages: fell slightly averaging 4.89 percent from 4.95 percent last week.

5/1 ARMs: averaged 5.25 percent compared with 5.49 percent last week.
Mortgage rates have continued to drop ever since the Federal Reserve announced a plan in December to buy up $500 billion of mortgage securities backed by Fannie Mae, Freddie Mac, and Ginnie Mae—the government-sponsored enterprises.

Freddie Mac started recording mortgages in 1971.

Source: Reuters, Julie Haviv (1/15/09)

Tags: buying a home, low mortgage rates, Mortage, mortgage rates, real estate

Hello Kristin here your friendly Lister Sister. 

Here is my question to you.   What are you waiting for? 

Buy if you can!  Interest rates are incredible and the market is flooded with great homes!  Name your price and go.  If you are new to the market realize interest rates are historically low.  This may be some of the lowest interests rates we will ever see in our life time.  Are you hedging because you think they may go lower?  Well, don’t.  Use a buy down technique to get the seller to contribute funding to “buy down” the mortgage to the percentage  you are hoping for.  I will post future articles (soon) about buy downs-what they are and how they work.  For the mean time if you can’t wait just talk to a friendly mortgage broker who can fill your head with tons of information on buy downs and other funding techniques.  Don’t hedge, don’t wait.  Take advantage and get the home you want before someone else does.  Things are starting to shake…

Tags: buydowns, buying a home, low interest rates, Mortgage