Rates on 30-year fixed mortgages rose slightly this week to an average of 5.01%, Freddie Mac announced Thursday Feb 4th. This is up from 4.98% last week. However, we are still faring well in comparison to last year when rates were slightly higher at this time. The average 30-year fixed mortgage was at 5.25%.
Freddie Mac reports that rates fell to a record low of 4.71% in early December. A Federal Reserve program pumping $1.25 trillion into mortgage backed securities has held rates around 5 percent and make home buying more affordable. The program is set to end March 31, 2010.
This is good as long as you are able to take advantage of the low rates and maybe even pair this with the $8,000 first time home buyer tax credit. There is no better time to buy than the present. Don't let this opportunity to get your dream home for nickels on the dollar pass you by. Call us today to find out how to take advantage of our market.