30-yr Fixed-Rate Mortgages Dropping

Posted on Thursday, January 8th, 2009 at 5:14pm.

Freddie Mac said today that “the average rate on 30-year U.S. fixed-rate mortgages dropped for a 10th consecutive week as of Thursday, to 5.01 percent, after the Federal Reserve launched its plan to lower home borrowing costs.” Freddie Mac’s chief economist elaborated by saying “mortgage rates have dropped nearly 1.5 percentage points since October, creating a savings of about $184 per month on a $200,000 loan.” This is good news if you are in the market to buy a home…and good news for those of you selling with new refinancing opportunities, and hopefully more buyers interested in taking advantage of the unprecedent rate drops. Read the full article at CNBC.com. Call Great Austin Properties at 512.600.1800 to buy and sell Austin real estate - rates won’t stay this low forever!

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