Mortgage Rates Drop to Lowest Level of Year

Mortgage Rates Drop to Lowest Level of Year
This means if you are thinking of buying a home….NOW WOULD BE A GOOD TIME!  Mortgage rates reached their lowest levels of 2011.   The 30-year fixed-rate mortgage, a popular choice among home buyers, averaged 4.63 percent this week, Last week, the 30-year mortgage stood at 4.71 percent; compared to last year at this time, it averaged 4.93 percent. The 15-year fixed-rate mortgage also reached its lowest level of the year, averaging 3.82 percent this week from 3.89 percent last week. Last year at this time, the 15-year mortgage averaged 4.30 percent.

As rates continue to fall, the number of mortgage applications are increasing, OF COURSE!  THE SMART ONES ARE JUMPING ON THIS OPPORTUNITY!  LOWER INTEREST RATES MEAN LESS PAYMENT EACH MONTH AND MORE HOUSE FOR THE MONEY!  EVERYONE WANTS A DEAL.  HERE IT IS!  Mortgage applications increased 8.2 percent this week compared to one week earlier, reports the Mortgage Bankers Association.

Source: “30-Year Fixed-Rate Mortgage Drops to 4.63 Percent,” Freddie Mac (May 12, 2011) and “Mortgage Applications Increased 8 Percent in Early May, Says MBA,” RISMedia (May 12, 2011)

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