Mortgage Rates Hit a Four Year Low.
The mortgage rate hits its lowest point in more than four years, according to a Freddie Mac survey. The average interest on a 30-year fixed-rate mortgage dropped to 5.47 percent this week. Due to the volatility of the rate they can change from 5.35 to 5.5% in any given day. An article on WashingtonPost.com states that mortgage lenders have been able to lock clients in as low as 4 7/8 percent on a 30-year fixed loan.
Low mortgage rates like these are ideal for home buyers who are considering purchasing a property. There are also many indications that many DC area markets have already reached the bottom and some areas are beginning to show appreciation. Although, time is of the essence and these types of rates won’t last forever. If you’re seriously considering buying, now is the time to get pre-approved and start writing those offers.
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