News for Prescott AZ - AmericanTowns.com

Wednesday, September 15, 2010

Insight - Historic Low Mortgage Rates

From my good friend Mark at WJB Mortgage

 

 

 

Mark Ott

Loan Officer

W.J. Bradley Mortgage Capital Corp.

Office: 928-775-9330

NMLS: 189552

License: BK-0903998

mark.ott@wjbradley.com

www.wjbradleyaz.com

 

 


Historic Low Mortgage Rates:
Seize YOUR Opportunity




With all the tough gloom and doom talk out there, it might be hard to believe this, but now has never been a better time to buy a home. True, the economy is in recession, but a quick look at the real estate market — and especially a look at home financing history — will clearly demonstrate that if you are looking to buy a home or refinance your existing loan, now is the time to make your move.



For starters, new home prices are down. The Census Bureau, which has tracked new home prices since 1963, shows that the average home price for a new home is on a five-month low, with June's median price currently at $242,00, down from February's $284,100 (not to mention the heady days of March 2007, when the average hit $329,400). New home prices haven't been this low since October 2003.

And while the average sale price for existing homes recently ticked up between April and June, with June at $230,900, they were previously on a downward trend that continued from 2009 into March of this year. Comparatively, the overall average existing home price for 2007 was $266,000 and 2008 was $242,700. It should also be noted that the slight upward trend experienced from April to June could have to do with the homebuyer tax incentive, which came to a close in June, so July's and August's statistics could show a move to even more inviting home prices.

Attractive home prices aside, the resoundingly inspiring news lies in current home financing rates. The Federal Home Loan Mortgage Corporation (Freddie Mac) recently reported that mortgage rates were at their lowest level so far this year, and that rates for conventional 30-year, fixed-rate loans were heading to an all-time low. The latest reports from Freddie Mac put 30-year mortgages at 4.72 percent. That is the lowest rate since the week ending Dec. 3, 2009, when it hit a record low of 4.71 percent.



Let's put this in a historical context. The average interest rate for a 30-year loan was 5 percent over the last 12 months. The average over the last 10 years was 6.13 percent. The highest rate since January 1964 was 18.45 percent in October 1981. The lowest rate since January 1964 was 4.71 last December.

That is some history lesson. No matter how you slice it, today's home prices and mortgage rates represent an historic opportunity that cannot be ignored. Whether you are seeking to purchase a home or refinance, now is your chance. Let me tell you more about how you can leverage this bright point in the economic gloom.





Rates and home pricing statistics were accurate as of the writing of this article.

Equal Housing Lender. 2010 W.J. Bradley Mortgage Capital Corp., 201 Columbine Street Suite 300, Denver, CO 80206. Phone #303-825-5670. Trade/service marks are the property of W.J. Bradley Mortgage Capital Corp. This is not a commitment to lend. Restrictions apply. All rights reserved. Some products may not be available in all states.

AZ License # BK-0903998; Licensed by the Department of Corporations under the California Residential Mortgage Lending Act RML# 4131002; To check the license status of your CO Mortgage Broker, visit www.dora.state.co.us/real-estate/index.htm; Florida Mortgage Lender license #ML.100000098; Georgia Residential Mortgage Licensee, License No. 20233; ID Mortgage Broker License No. MBL-2803; IL Residential Mortgage Licensee – License #MB.6760738, 201 Columbine Street, Suite 300, Denver, CO 80206; MI First Mortgage License No. FL0011392; MN Residential Mortgage Originator License No. 20447094; NV Mortgage Banker License No. 2061; NV Mortgage Broker License No. 504; NM Mortgage Loan Company and Loan Broker Act Reg. No. 01856; OK Mortgage Broker- License No. MB001365; OR Mortgage Lender License No. ML-776; TX Mortgage Banker Reg. No. 74182; UT Mortgage Lender Company License No. 5495659-MLCO; Vermont Broker License #0995MB; Vermont Lender License #6141; WA Consumer Loan License No. CL-3233; Wisconsin Mortgage Banker License No. 699991.

 

This is not the opinion of Brad Bergamini, Realty Executives Northern Arizona or any of its affiliates.  This post is for informational purpose only and is not guaranteed and does not render as legal advice.  Buying and selling Real Estate in Arizona or Prescott Arizona is a serious task and should be consulted with personally with Realtor or Real Estate Attorney.  Please visit my website for contact information

http://bradbergamini.com or http://everythingprescott.com

 

 

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