The Kestner Team

Mortgage Interest Rates Hit a 37 Year Low!!

The Benchmark 30 year fixed rate home loan has fallen to an average 5.17%.. This represents the lowest rate since Freddie Mac began it weekly rate survey in 1971.. This week the Federal Reserve cut its interest rates to near 0%.. That, coupled with a continued decline in rates on the long-term treasury notes that mortgages closely track, has helped to push rates down.

"Interest rates for 30 year fixed rate mortgages fell for the seventh consecutive week, moving these rates to the lowest since the survey begain in April, 1971," sadi Frank Nothaft, Freddie Mac Chief Economist.. "The decline was suppoerted by the Federal Reserve announcement on December, 16th, when it cut the federal-funds target to a record low and stated it stood ready to expand its purcahses of mortgage-related assests as conditions warrant.".

The sharp decline in rates has spurred a flood of mortgage refinance applications.. Now is a GREAT TIME to look into refinancing any property that you currently own.. It is also a GREAT TIME to purchase.. Today is the perfect example of a buyer's market.. Prices are low, and there are great deals to be had.. Sellers are more willing to negotiate than they were a few years ago, and mortgage interest rates are lower thean they have been in 37 years..

THE SAYING GOES: "BUY LOW, SELL HIGH."

IT'S TIME TO BUY!!