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Mortgage rates continue to decline

Posted on Monday, October 8, 2012 at 8:48:22 AM

According to Freddie Mac, mortgage rates are continuing their swift descent, following the release of the Federal Reserve's stimulus plan. As mortgage rates remain low, housing affordability will persist.

Common residential financing options such as 30-year fixed-rate mortgages were at a record low at 3.36 percent for the final week of September 2012 - down from 3.4 percent the prior week.

"Fixed mortgage rates fell again this week to all-time record lows due to the mortgage securities purchases by the Federal Reserve and indicators of a weakening economy," Frank E. Nothaft, Freddie Mac vice president and chief economist, said in a statement.

However the economy is looking up. Nothaft continued to say that the final estimate for growth domestic product was at 1.3 percent in the second quarter of 2012. Yet, personal income for the average American increased by .1 percent, indicating slow progress toward a strengthening fiscal outlook.

Potential homebuyers considering the stability of the local real estate market may want to consider applying for residential financing before mortgage rates go up. These historically low rates may not continue to linger for very much longer.ADNFCR-16001052-ID-800880320-ADNFCR