Today, Metro Brokers Financial rates are 4.25% for 30-year fixed, and 3.75% for 15-year fixed.
Rates are the lowest in history, or at least as long as I have been in the business (28 years). In fact, both 30-year and 15-year fixed-rate mortgages are at the lowest levels since Freddie Mac even began keeping track.
Home shoppers who missed the April 30 deadline for a housing tax credit might have the last laugh. They are likely to end up saving more than the $8,000 they could have received from the tax refund. A mere 1.5% rate differential on a $200,000 loan is $3,000 per year. The average homeowner keeps the property for 8 years. That means a savings of $24,000 just because of low rates!
Folks who know this, are taking action. Mortgage applications rose 3.4 percent last week compared to the previous week on a seasonally adjusted basis, according to the Mortgage Bankers Association weekly survey.
Real estate agents, share these numbers…it’s your duty!