subject: Real Estate Mortgage 2010 [print this page] Real Estate Mortgage 2010 Real Estate Mortgage 2010
Home Loan Rates Now At Record Low June 2010
By Real Estate Everett
June 24 (Bloomberg) - Home loan interest rates have fallen to a historic record low, reducing real estate loan costs for homebuyers.
Mortgage rates on 30 year fixed mortgage notes have recently declined to 4.69 percent (Est. 5.25% APR) per bankrate.com. The previous record was back in Dec. 2009 with a rate of 4.71 percent (Est. 5.29% APR. The average 15-year rate was 4.13 percent, McLean, Virginia-based Freddie Mac said.
Home mortgage costs have decreased substantially over the last few months partly in concern that a debt crisis in Europe may increase the demand for investment bonds including mortgage-backed securities. U.S. new home sales are at an annual pace of 300,000, the Commerce Department said yesterday. Existing-home sales decreased 2.2 percent from April to a 5.66 million annual rate, National Association of Realtors data showed June 22. The Mortgage Bankers Association's index of mortgage applications to purchase a home declined 1.2 percent since the government tax incentive for first time buyers expired.
When financing a home loanfor your family there are still a lot of options. You can borrow money for a home purchase with an FHA Loan (Federal Housing Administration) which is backed by the government and typically only requires 3.5% a down payment. There is also the USDA (United States Department of Agriculture) loan which is limited to certain properties and qualifications but does allow zero down purchase loans. There is also the standard Conventional loan which typically requires a higher down payment but does offer the lowest interest rate available in any given market. And then there is the VA (Veterans Administration) loan which is a great loan for Veterans who have served our country. The VA loan also allows Zero down mortgages and some of the best rates available in any given market.
With the record low interest rates on purchase loans and with substantial inventory available in the housing market, now might be the right time to purchase your first home, upgrade your current home or purchase an investment home. For most people, buying a home is now more affordable than renting as you can see in this free mortgage calculator . If you're looking at getting into the housing market there are many loan options and houses to choose from. And if you take advantage of todays historically low mortgage interest rates, you may not ever have to finance the property again. This will save you thousands in interest over the life of the loan and it will save you thousands in saved refinance fees. The commercial market for commercial loans has improved also, so many landlords and commercial property owners can take advantage of lower interest rates and better cash flow. If you're interested in knowing what todays mortgage rates are you can view 15 year, 30 year and arm loan rates online. For real time mortgage interest rates click here.
