The rate of 30 year mortgages dropped sharply recently, falling to the lowest levels since May. The government’s intervention has effectively lowered mortgage rates as hoped. Last week Freddie Mac reported that 30-year fixed-rate mortgages dropped to 5.93% from 6.35%.
To put it in perspective the new rate would mean that a $200,000 loan would cost $1,190.00 an average of $54 less than before the rate drop. Many economists believe that rates could drop as low as 5.5% boosting the housing market even more.
Rates on the 15 year fixed -rate mortgages also fell to 5.54%, down from almost 6%. This reduction should help the hard hit refinancing sector.
Talk to your local Austin real estate agent about whether this is a good time for you to buy a home.
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