Posts Tagged ‘tax credit deadline’

Lowest in History??

July 26, 2010

How many times have we heard this about real estate loans?  But guess what…it is TRUE.

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!