Mortgage Rates Fall for Week of November 30
By: Writer Writer
November 30, 2009
Freddie Mac reported record low mortgage rates for 30-year fixed-rate mortgage (FRM) loans, with average rates of 4.71%. Average rates for 15-year FRMs fell slightly, while rates for 5/1 adjustable-rate mortgages (ARMs) ticked upward by 1 basis point, or 0.01%.
Home shoppers and homeowners seeking refinance mortgage loans received early holiday gifts, with the average rate for a 30-year fixed-rate mortgage (FRM) falling to 4.71%. Rates for 15-year FRMs fell from last week's 4.29%, to 4.27% this week. Average rates for a 5/1 adjustable-rate mortgage (ARM) moved slightly upward, from 4.18% to 5.19%. Record-low mortgage rates are providing borrowers with unprecedented opportunity, as low rates mean lower mortgage payments and faster loan payoffs.
Need a Mortgage Loan? Now's the Time
Financially prepared first-time home buyers can combine low mortgage rates, the first-time buyer tax credit and, in many cases, lower home prices for gaining maximum savings and buying power. If you're planning to buy a home but are short on cash for covering closing costs and your down payment, state and local home buyer programs can help with meeting these costs. Ask mortgage lenders and local real estate professionals about home buyer programs in your area.
FHA-insured mortgage loans can help credit and cash-challenged buyers and homeowners. Refinancing may be available through the agency's Hope for Homeowners program, and borrowers with existing FHA mortgages may qualify for refinancing through the streamline refinance program. These programs can assist homeowners who have lost all or most of their home equity due to decreased home values.
Home Prices Trending Upward
Recent media reports indicate that home sales and prices are gradually recovering in some areas, which is great news for these real estate markets. But this could forecast pricier homes as real estate markets regain momentum and demand for homes increases. Knowing what you can afford to spend for a home and tracking local real estate trends can help you pinpoint what, where, and when to buy.
ShopRate.com's live database of current mortgage rates can help you find the best mortgage rates in your area.
