Mortgage rates down this week!!! To revive the economy, the worst in decades, the Fed has cut its key interest rate to a record low near zero and is expected to hold it there well into next year. Rates on 30-year mortgages remain below 5 percent for the tenth-consecutive week. Average rates on 30-year fixed-rate mortgages dipped slighly to 4.82 percent this week, down from an average of 4.86 percent last week. Qualifying for a home loan, however, is still tough...tougher for condos. Lenders have tightened their standards dramatically over the past 3 years so the best rates are available to those with solid credit. Remember the old saying…Buy low, Sell high. We’re low!
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Mortgage rates down this week!!!
To revive the economy, the worst in decades, the Fed has cut its key interest rate to a record low near zero and is expected to hold it there well into next year. Rates on 30-year mortgages remain below 5 percent for the tenth-consecutive week.
Average rates on 30-year fixed-rate mortgages dipped slighly to 4.82 percent this week, down from an average of 4.86 percent last week.
Qualifying for a home loan, however, is still tough...tougher for condos. Lenders have tightened their standards dramatically over the past 3 years so the best rates are available to those with solid credit.
Remember the old saying…Buy low, Sell high. We’re low!
-Michael Klanot
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