Interest Rates Hit All-Time Low!
December 3rd, 2009 categories: For Buyers, Mortgages & Financing
The Chicago Tribune is reporting that mortgage interest rates have hit an all-time low.
“The average interest rate for a 30-year mortgage dropped to a record low of 4.71 percent this week, pushed down by an aggressive government campaign to reduce borrowing costs.
The rate, published Thursday by Freddie Mac, is the lowest since the mortgage finance company began tracking the data in 1971. The previous record of 4.78 percent was set during the week ending April 30 and matched last week.”
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What does this mean for Honolulu home and condo sales? I believe it will lead to a pick up in home sales for properties that fall within conventional lending guidelines. For sellers, it means buyers will be able to pay more because their dollar will carry a larger mortgage. For buyers, get your loan app in now, because it is very possible that lenders will be over-whelmed with applications.
Combine this with the most recent positive Honolulu real estate statistical information and January and February may be very busy months.
If you would like to discuss your real estate needs, feel free to call me at 808-737-2093 or toll free at 877-737-2093. You can email me at keahi@lava.net.
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