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Good Time to Buy!

by admin

Are you considering taking advantage of some of the great buys out in the real estate market lately? Now may be a good time to give some serious consideration to purchasing a new home. This week the Business Journal reported that long term mortgage rates have fallen.

Here is an excerpt from the Journal report.

A 30-year fixed-rate mortgage averaged 4.76 percent this week, down from 4.88 percent last week. A 15-year fixed-rate mortgage fell to 3.97 percent, the lowest in three months. A week ago, a 15-year fixed-rate loan was at 4.15 percent.

The average rate on a one-year adjustable-rate mortgage fell to 3.17 percent from 3.21 percent.

“With the crisis in Japan, investors rushed to buy the security of U.S. Treasury bonds, which lowered its yields and other interest rates as well,” says Frank Nothaft, chief economist at Freddie Mac (OTCBB:FMCC). “This allowed fixed mortgage rates to drift lower this week.”

Read more: U.S. mortgage rates fall | The Business Journal

If you have any questions or would like to look at some local properties, please feel free to get in touch with me.

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