Mortgage Rates Drop to Lowest Levels in 50 years

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.