Freddie Mac, one week ago, released the results of its Primary Mortgage Market Survey® (PMMS®) in which the 30-year fixed-rate mortgage (FRM) averaged 5.93 percent with an average 0.7 point for the week ending September 11, 2008, down from last week when it averaged 6.35 percent. Last year at this time, the 30-year FRM averaged 6.31 percent. The 15-year FRM this week averaged 5.54 percent with an average 0.7 point, down from last week when it averaged 5.90 percent. A year ago at this time, the 15-year FRM averaged 5.97 percent.
What's it mean to you?
If you are an active buyer of real estate- it means not only is inventory extremely high, but now interest rates are at a ridiculously low rate too! If you're on the fence to buy, I can promise that this opportunity will not be around too long and who knows how many years it'll be before we have a buyers market like this again... If you're a seller, it's a great thing because there should be more buyers out there with the potential to purchase your property!
What's it mean to you?
If you are an active buyer of real estate- it means not only is inventory extremely high, but now interest rates are at a ridiculously low rate too! If you're on the fence to buy, I can promise that this opportunity will not be around too long and who knows how many years it'll be before we have a buyers market like this again... If you're a seller, it's a great thing because there should be more buyers out there with the potential to purchase your property!
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