It’s a great time to by a home; call Ken Magness with Wolfforth Real Estate
According to newly-released data from Freddie Mac, mortgage rates are tumbling across the country.
“Fixed mortgage rates fell again this week to all-time record lows due to the mortgage securities purchases by the Federal Reserve and indicators of a weakening economy,” said Frank Nothaft, Freddie Mac’s chief economist.
From the release:
• 30-year fixed-rate mortgage (FRM) averaged 3.36 percent with an average 0.6 point for the week ending October 4, 2012, down from last week when it averaged 3.40 percent. Last year at this time, the 30-year FRM averaged 3.94 percent.
• 15-year FRM this week averaged 2.69 percent with an average 0.5 point, down from last week when it averaged 2.73 percent. A year ago at this time, the 15-year FRM averaged 3.26 percent.
• 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 2.72 percent this week with an average 0.6 point, up from last week when it averaged 2.71 percent. A year ago, the 5-year ARM averaged 2.96 percent.
• 1-year Treasury-indexed ARM averaged 2.57 percent this week with an average 0.4 point, down from last week when it averaged 2.60 percent. last week. At this time last year, the 1-year ARM averaged 2.95 percent.
Here’s what President Obama’s re-election means for housing, according to Jed Kolko, chief economist who leads Trulia’s housing research and provides insight on market trends and public policy to major media outlets including TIME magazine, CNN, and numerous others:
1. The refinancing push continues. The Obama Administration has made it easier for homeowners to refinance at today’s low mortgage rates and plans to make refinancing available to even more borrowers.
2. New mortgage regulations are coming. The Consumer Financial Protection Bureau, established by the Dodd-Frank Act, will set new mortgage standards by January 2013. These standards will define which mortgages are judged to be beyond a borrower’s ability to repay and would therefore trigger legal and financial implications for lenders.
3. The mortgage interest deduction lives to fight another day. Even if deeply cutting deductions finds bipartisan agreement in Congress – and it might – President Obama is likely to resist gutting the mortgage interest deduction.
Ken Magness, Agent, Wolfforth Real Estate, LLC, agrees with analysts like Kolko, who say that there has never been a better time to buy a home than right now.
Wolfforth Real Estate specializes in property in Wolfforth and the Frenship School District. Whether you are looking for a building to put your business in, a farm or ranch, or a home for your family, Wolfforth Real Estate can help.
“Our goal is to service our clients as efficiently, ethically and professionally as possible while creating a home-buying experience that is second to none,” says Ken.
“We will consistently challenge ourselves to utilize the latest technology in our business and forge relationships with service providers that will ensure a smooth buying or selling experience for our clients. Contact us today… you will not be disappointed.”
Call Ken Magness, Agent, Wolfforth Real Estate, LLC at (806) 300-2428.