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Mortgage Rates Drop to Record Lows

Posted by John Allen on Saturday, December 20th, 2008 at 8:47am.

The rates for a 30 year mortgage dropped to the lowest level in 37 years. The FED is promising to pump money into the mortgage market to help get the housing market moving.

Freddie Mac reported on Thursday that the average rate on 30 year fixed mortgage was down to 5.19%. The rates are the lowest since reporting began back in 1971. The average 15 year fixed mortgage rate is down to 4.92%. Lower rates have translated into a jump in mortgage applications.

Buyers with good credit and liquid assets have incredible opportunities in the real estate market right now. Not only can they borrow money at historically low rates, but they can also buy at a discount as well. Today there are many short sales, distress sales and forclosures available in the real estate market.

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