Mortgage Rates Fell To New Lows This Week

In case you have not heard yet, long-term mortgage rates fell again this week, with both 30-year and 15-year fixed rate mortgages at the lowest levels since Freddie Mac began keeping track.

According to the Atlanta Business Chronicle, Freddie Mac, which has a regional office in Atlanta, reported the average rate on a 30-year fixed rate mortgage in the week ending July 22 was 4.56 percent, down from 4.57 percent last week and the lowest since at least 1971. A 15-year fixed-rate mortgage averaged 4.03 percent, the lowest since at least 1991.

A one-year, adjustable-rate mortgage averaged 3.70 percent, down from 3.74 percent last week.

“The decline in mortgage rates over the past few weeks echoes the recent signs of weakening confidence in the strength of the economy, particularly the housing and consumer sectors,” said Freddie Mac (OTC BB: FMCC) chief economist Frank Nothaft.

Despite record low mortgage rates, housing sales and builder confidence are pausing.

A separate report Thursday from the National Association of Realtors said sales of existing homes fell 5.1 percent in June, the second straight monthly decline. Another report earlier this week from the National Association of Home Builders said its gauge of homebuilder confidence fell to the lowest level since August 2009.

Every now and then I hear people ask, "when is it going to get better"? My answer is, get better for whom? This is the best buyers market EVER! Interest rates are less than 5%. For those folks with good credit histories, this is an excellent time to buy.

Rates on July 23rd at Metro Brokers Financial were published as follows:

Conventional Rates
Comforming 30 year fixed rate........4.25
5/1 ARM..............................3.375

Government Rates
30 Year Fixed FHA....................4.25 - 4.5
30 year Fixed VA.....................4.5


Please feel free to call me for a consultation and to learn more about the Atlanta metro real estate market in general or the specifics regarding the buying / selling process. I am always happy to answer your many questions and help you determine whether this is a good time for you and your individual situation. I can be reached at 770-399-8108 or e-mail me at one of the following e-mail addresses: sara@sarahibbard.com or sara.hibbard@metrobrokers.com. I look forward to working with you and answering your many questions when the time is right for you.