Thirty-year mortgage rate stays at record low 3.66%

I tweeted this article late last night, but I just wanted to mention it again. If you are potentially in the market to buy or sell your home, or you rent and have pondered home ownership the this article should intrigue you. The gist of it? “Mortgage buyer Freddie Mac says the average rate on the 30-year loan was 3.66%. That’s unchanged from last week and the lowest since long-term mortgages began in the 1950s.”

Rates haven’t been this low since our parents were born, well at least mine (sorry to date you Mom). The federal government has vowed to keep rates low to help stimulate the economy and it appears to be working. According to this article, the number of new under contract homes rose in May 2012 and it’s the greatest month of sales in the past 2 years. These rates are helping provide a life line to the long suffering real estate market.

However, there are many areas where the market is still struggling; and many Americans still struggle to qualify for these rates. This is a great time to explore your options. Individuals are growing confidence in the market, and more specifically, the Denver real estate scene has been hot the last few months. The recent trend is to see clean/updated, well priced homes fly off the market, usually with multiple offers. Visit with your local banker and discuss your personal situation, then give me a shout and we can explore Denver neighborhoods. It would be a great time to take advantage of a market on the rebound.

If you have any questions or comments – please comment on this page or send me a private message!

-Kelly Rose Knows

Quoted Material and information taken from USA Today Article, “30 Year Mortgage Rates Stay at Record Low” posted on 7/28/12

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