BOND YIELDS PULL LONG-TERM MORTGAGE RATES DOWN TO NEAR RECORD LOWS THIS WEEK
The 30-year fixed-rate mortgage averaged 4.98 percent with an average 0.7 point for the week ending March 19, 2009, down from last week when it averaged 5.03 percent. Last year at this time, the 30-year FRM averaged 5.87 percent. The 30-year FRM has not been lower since the week ending January 15, 2009, when it hit an all-time low of 4.96 percent in Freddie Mac's weekly survey.
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WATCH MORTGAGE RATES
On the news that the Federal Reserve would buy as much as $300 billion of long-term U.S. Treasury securities, the rate on a 30-year fixed mortgage fell to 4.75% from around 5% on Wednesday. Will rates go even lower?
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ATTENTION FIRST TIME BUYERS
- Mortgage Rates at historic lows.
- Home prices down as much as 30% in some areas from their peak levels in mid-2006.
- Over 4 million Realtor listings nationwide.
- Up to $8000.00 tax credit (10% of purchase price) for First Time Buyers (have not owned a home in past 3 years).
- Little or no down payment financing options still available.