The Time to Buy a House is Summer 2010

Housing and Money

Once again, would-be home owners should pile all their cash together and take advantage of the lowest 30 year mortgage rates of 4.57% (according to Freddie Mac (NYSE:FRE)), we may never see these rates again in our lifetime, its unbelievable.

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(Bloomberg) -- Mortgage rates for 30-year U.S. loans fell to the lowest on record for the third straight week, reducing borrowing costs for homebuyers as unemployment and foreclosures weigh on demand.

The average rate declined to 4.57 percent in the week ended today, the lowest since Freddie Mac began compiling the data in 1971, the mortgage-finance company said in a statement. It was 4.58 last week. Rates for 15-year loans rose to 4.07 percent from 4.04 percent, McLean, Virginia-based Freddie Mac said.

Borrowing costs have tumbled in the past three months amid investor demand for bonds including mortgage-backed securities. Lower rates have failed to lift housing sales, which sank after the expiration of a tax credit for home buyers. An index of applications to buy homes fell to the second-lowest level since 1997 last week, according to the Mortgage Bankers Association.

SOURCE: http://www.businessweek.com/news/2010-07-08/u-s-30-year-mortgage-rates-d...

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