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MORTGAGE RATES DROP TO RECORD LOWS LAST THURSDAY
Posted by V.K. [Mel] Melhado P.A. on Sunday, December 6th, 2009 at 10:58am.
Freddy Mac published rates for a 30-year fixed rate mortgage on Thursday and those rates dropped to a record low of 4.71 percent fueled by a very aggressive government campaign to reduce the cost of borrowing money. The record low is since tracking began back in the early 70s.
The interesting thing is to see what happens this coming Spring when the money that the Federal Reserve has been pumping into securities that are mortgage backed runs out. That figure stands at $1.25 trillion and the whole goal is to help make the homebuying experience more affordable, while propping up the housing market.
One might suggest that if you are in the market for a home and will be financing, you might not want to wait too long because the rates will not be staying at these low levels forever. As a matter of fact, it's very common to see the rates fluctuate wildly even within the same day.
V.K. [Mel] Melhado PA
Downing-Frye Realty, Inc.
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