Mortgage Rates Fall to Their Lowest Level Since 1971!
Thursday, April 30th, 2009
Freddie Mac started surveying mortgage rates over 38 years ago. Today, Freddie Mac announced the lowest recorded average 30 year fixed rate since 1971, 4.78%!
“Frank Nothaft, Freddie Mac’s chief economist, said the low rate means that those who refinance a $200,000 loan would save almost $212 in monthly mortgage payments and more than $2,500 per year.” This helps first time home buyers entering the market and move up buyers looking for a larger home. The lower fixed rate means more affordability in the housing marketplace!
Many factors will impact the mortgage rate a buyer can achieve. Your credit scores, your income level, your existing debt and cash on hand will all be factored into your mortgage amount and rate. Smart home buyers know their debt capacity and often seek pre-approval before they go house hunting.
Brookfield Homes’ professional sales counselors can help you understand the world of mortgage finance and will walk you through the qualifying process. Our preferred lenders will work with you to find the right mortgage program for you and your family. Please visit a Brookfield Homes community today.
