Bloomberg News: Mortgage rates plunged, sending borrowing costs for 30-year
loans below 4% for the first time in 16 months, as signs of a slowing global
economy drove investors to the safety of government bonds.
The average
rate for a 30-year fixed mortgage dropped to 3.97%, the lowest since June 2013,
from 4.12% last week, Freddie Mac said in a statement today. The average 15-year
rate fell to 3.18% from 3.3%, the McLean, Va.-based mortgage-finance company
said.
This being said, buyers should take advantage of these low rate and get into the market now and save some money on mortgage payments. Inventory is healthy, but dwindling, which cause prices to climb as more buyers eventually get in the game. So, if you have been looking for a home and just haven't been able to pull the trigger, now's a good time to get off the fence. From Daniel Team Realty
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