According to recent reports, mortgage rates have fallen for the first time in over a month. After jumping significantly a few weeks ago, they have now retreated back to record low levels, which could benefit first time home buyers and others who are in the market to purchase. Informa Research Services, a subsidiary of Informa plc /quotes/comstock/23s!e:inf (UK:INF 394.35, +1.35, +0.34%) , suggests home buyers find low rates online to maximize the benefit of purchasing a low-priced home .
According to a survey from Freddie Mac, the average interest rate on a 30-year fixed mortgage dropped to 5.07% last week, down from 5.21%. As reported by Reuters.com, Prudential Real Estate and Relocation Services president Earl Lee expressed that he “would like to see mortgage rates go lower, but factually they are destined to go higher.” Lee also acknowledged that while some home buyers are still holding out for lower home prices, increasing mortgage rates may offset the benefit of their home purchase.
Financing the purchase of a home with a low-interest mortgage can help maximize the benefits of home ownership. One of the easiest and most efficient ways to find low mortgage rates is to look online. Sites such as ERATE.com feature tables that aggregate rate information from various lenders on a single table. The columns on these tables are able to sort lenders by rate, fees, or estimated monthly payment to help home buyers find the best deal for them. Furthermore, the tables on ERATE.com frequently feature lenders, such as AimLoan.com, who offer rates well below the national average.
Tags: home buyers, homeowners, mortgage, mortgage rates, news, Obama, real estate, US Economy
