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Real Estate News Releases
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(EstateNewsWire.com, November 15, 2012 ) Memphis, TN -- This week, the average United States rate on a 30-year fixed mortgage dropped near a record low, a much appreciated trend that is helping to boost home sales and refinancing.
The rate on the 30-year loan declined to 3.39%, down from 3.41% last week. According to mortgage buyer Freddie Mac, four weeks ago the rate was the lowest since 1971 at 3.36%.
The average on the 15-year fixed mortgage dropped to 2.70%, a decrease from 2.72% the previous week.
The low rates are helping to better a modest housing recovery, especially since the Federal Reserve started buying mortgage bonds in September to encourage more borrowing and spending.
Home sales are currently on the rise as well as consistent home pricing in many areas.
Confidence in home construction is better and lower rates have also persuaded more people to refinance. This normally results in lower monthly mortgage payments and more home purchasing.
In August, Home prices rose in nearly all cities in the United States. The Standard & Poor's / Case Shiller Index shows that markets hit hardest during the housing crisis are beginning to make a comeback, with sustained gains.
Nonetheless, a fully recovered housing market is not in the short-term outlook. Many people are unable to take advantage of the low rates because they lack the money for larger down payments or do not qualify for refinancing due to stricter rules.
Freddie Mac surveys lenders across the United States to calculate average mortgage rates, weekly, Monday through Wednesday. The average does not include extra fees, which many borrowers have to pay to obtain the lowest rates.
For the past two weeks, the average fee for a 30-year loan was 0.7 point and the fee for 15-year loans moved one point from 0.6 to 0.7.
The average rate on a one-year adjustable-rate mortgage dropped one point from 2.59% and the fee for one-year adjustable rate loans steadied at 0.4 point.
The average rate on a five-year adjustable-rate mortgage one point to 2.74% and the fee was unchanged at 0.6 point.
About MemphisHomes.pro:
MemphisHomes.pro (http://www.memphishomes.pro/) helps home buyers, through Agent David Sandy, find their perfect Memphis homes. The site has a comprehensive search, property updates, features, and a listing manager for ease of use and expertise of Realtor David Sandy. MemphisHome.pro uses a low key results oriented approach to address home buying process needs through First National Realty Agent David Sandy.
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Source: EmailWire.Com 
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