Mortgage rates in the US hit historic lows this week as fears of new economic weakness and stubbornly high unemployment drove rates down again. 30-year fixed-rate mortgages averaged a staggeringly low 4.49 percent according to the newest data released Thursday by Freddie Mac.
Lowest mortgage rates in over 50 years
Financial commentators said Friday that you’d have to go back to the 1950s to find comparably low mortgage rates.
Home buying opportunity
Home buyers might want to lock in these absurdly low rates and buy a home during the current round of economic uncertainty.
Buyers generally have more negotiating leverage at times like these when there are increasing worries about the economy.
Glut of high-end home inventory
As a real estate broker, I have been showing homes in the $700,000 – $1,200,000 price range to a relo buyer during the past few weeks.
There’s a glut of inventory in that price range in MA, at least in the middle I-495 region of Massachusetts.
So if you are fortunate enough to be a prospective home buyer in that elevated price range in the Route 495 region of suburban MA, the time to act would appear to be now!
Outlook for mortgage rates
It’s a given that no one can consistently predict the future with any accuracy.
Regarding where interest rates may be headed, the following is a quote from a report released by Freddie Mac on August 11:
“Looking ahead, fixed-rate mortgage rates may edge down further, though we think it unlikely that they would fall far from where they are today. But it is also unlikely that they will rise quickly . . .”
Please contact me to explore some of the home buying opportunities currently available in Massachusetts.
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