30 Year Fixed Rate Dips below 5%, Near April 09 All-Time Low.
Friday, October 2, 2009 at 6:53AM Freddie Mac released it's Primary Mortgage Market Survey which showed rates below 5% for the week ending Oct 1. The 30 year Fixed Rate Mortgage averaged 4.94%, the lowest level since May of 2009 and close to the all-time low set in April of 2009.
Low rates coupled with the $8,000 First Time Home Buyer tax credit are helping stabilize the housing market. Case-Shiller recently reported that in July, 18 out of 20 markets experienced a price increase of 1.6% over June,making it 3 months in a row of increases for the index. Buyers looking to take advantage of the tax credit which expires December 1st (you must be closed on the purchase of your home no later than November 30th to qualify) and current low rates should allow as much time as possible to find a home and complete financing in time to meet the deadline. Call Ken Dooley at (312) 305 4919 cell or contact me by email.