Categorized | Finance and Mortgage

Fixed-Rate Mortgages at All-Time Low

Please Share!

The average rate for fixed mortgage loans continues to hover at their record low levels. The rate for thirty-year mortgages continues to sit at 3.87 percent, which is nearly one and a quarter percent lower than what it was just one year ago.

While some believed that the positive employment numbers from January would cause mortgage rates to increase slightly, they continue to remain in their current position. As such, the housing market still remains more affordable than it has ever been in the past. Fifteen-year fixed mortgages experienced a rate increase of two tenths of a percentage point, and now sit at 3.16 percent.

Hybrid adjustable-rate mortgages also experienced a modest increase of three-tenths of a percentage point to close at 2.80 percent.

With the mortgage rates continuing to remain at all-time low levels, and the unemployment rate falling to its lowest level in three years, one would expect the housing market to finally show signs of improvement. Many real estate experts, though, believe that the market will continue to drop throughout 2012. As such, it is unlikely that the mortgage rates will experience a sharp increase this year. In fact, it would not be surprising to many residential real estate experts for the mortgage rates to fall even further from their current record lows.

The current mortgage rates certainly make the housing market incredibly appealing to those that are considering buying. Homes have never been more affordable thanks to depressed prices and favorable mortgage loan rates. While the housing market may not post any increases at a national level for at least another year, those than can afford to buy a home in the current market will likely come out ahead.

Please Share!

About Drew Wilson

Drew focuses on the Commercial and Mortgage/Finance categories.

Leave a Reply

Twitter Chat