BREAKING NEWS: For the fourth straight week, long-term mortgage interest rates fell today, reaching a new low not seen since the week of Halloween last year. Thought I would share this update from Mortgage101:
“The average rate on a 30-year fixed rate conventional mortgage sank to 4.14 percent, excluding points, during the ended May 22, according to mortgage giant Freddie Mac, down from 4.20 percent the previous week. That is a new record low for 2014 and the lowest in almost seven months. Still, one year ago, rates were much lower at an average of 3.59 percent.
Yet the housing market is showing more signs of improvement, Nothaft said. “Housing stats jumped 13 percent in April to a seasonally adjusted annual rate of 1,072,000 units, well above expectations. Permits rose to a seasonally adjusted annual rate of 1,080,000 in April, also above expectations.” The lower rates should help increase affordability for buyers as the summer real estate market heats up and prices continue to rise.
Rates on other mortgages fell as well. The 15-year fixed rate conventional mortgage fell to an average rate of 3.25 percent, down from 3.29 percent the week earlier. That is also a new low for this year and the lowest since the week of October 31, 2013. Last year at this time, the average rate was just 2.77 percent.
The one-year adjustable rate mortgage carried an average rate of 2.43 percent, unchanged from the week before. One year ago, the average rate was slightly higher at 2.55 percent.” – Mortgage 101
REIClub.com TRANSLATION: Now might be a good time to look into refinancing long term real estate investments and take advantage of low loan rates to help you fund a real estate investment property deal.