Interest Rates Fall to 5.1

The MBA is reporting a rise in mortgage applications as interest rates continue to fall.

With the average 30-year fixed rate falling to 5.17 percent, the number of total loan applications rose 4.4 percent over the previous week, according to the Mortgage Bankers Association.

We aren’t quite at the extreme lows we were seeing 6 months ago, but compared to 2003, when rates were as high as 6-7 percent, it seems like a gift and it’s certainly attracting more home buyers back to the fold.

Freddie Mac’s does a weekly survey and it showed that the lower U.S. mortgage rates may be due to the recent wave of positive reports that lean toward an economic recovery and a stabilization in the troubled housing market.

All of this is good news for HomeBuyers!

For more information feel free to contact me 480-650-7712 or email me brian@scottsdaleparadise.com