They just keep dropping...

In case you have not heard Freddie Mac reports that long-term mortgage rates have moved down again.


This week interest on 30-year fixed loans hit a new low of 4.49 percent, compared to 4.54 percent last week and 5.22 percent a year ago. For those of you in position to take out a 15-year mortgage, they have hit a huge low dropping to 3.95 percent, down from 4 percent last week and 4.63 percent a year ago. Five-year adjustable-rate mortgages also reached a historic new low of 3.63 percent, down from 3.76 percent last week and 4.73 percent a year ago.

For those who have been on the fence about purchasing a home or refinancing these rates should prove enticing. It is unlikely that interest rates will soar anytime soon but why take chances. You would hate to be the one who says man I should have moved quicker on those rates.

These historic rates and the dramatic home bargains available allows one to buy much more home for the dollar than any time in the last ten years.