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Record low mortgage rates continue

Posted on Tuesday, June 12, 2012 at 4:44:13 PM

Fixed mortgage rates continue to fall to record lows for the sixth consecutive week. According to the Freddie Max Primary Mortgage Market Survey, despite a weak economy, these rates are keeping housing affordability high. As a result, potential homebuyers may want to check out their residential financing options to find the housing solution that is best for them.

Rents are continuing to increase, while home prices are remaining relatively low in many metros. Combined with low fixed rate mortgages, a property may be the best financial decision for many Americans. For the week ending on June 7, 2012, one of the most popular home financing options, a 30-year fixed-rate mortgage, averaged 3.67 percent. According to Freddie Mac, the mortgage rate for the same time last year was approximately 4.49 percent.

In addition, 15-year fixed-rate mortgages averaged around 2.94 percent for the week ending on June 7, 2012. That same week in 2011 averaged 3.68 percent.

With mortgage interest rates remaining historically low, affordability is on the rise. Potential homebuyers may find their dream house at a great discount in the current real estate market.ADNFCR-16001052-ID-800795167-ADNFCR