During this week, Rates on 30-year fixed-rate mortgages have dropped to the lowest levels on record. According to Freddie Mac’s Weekly Primary Mortgage Market Survey, the average rate for that mortgage type is 4.85% with a 0.7% in fees and points. Visit www.freddiemac.com/pmms/#Historical for more information.With home prices more affordable now than at any time in the past three and a half years, we are seeing a great deal of renewed buyer interest. Nowhere is this more evident than at the lower end of the market. The number of home sales under $200,000 is up 19% from year-ago numbers. Given that housing market recoveries begin at the more affordable price ranges, this news bodes well for the future of our local housing market.
Mortgage Rates Drop to Lowest Levels in 50 years
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