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30-Year Fixed Mortgage Rates at All Time Low

Big News

No doubt about it, Santa Fe home buyers. Now is the time to find your new home. Freddie Mac announced on May 3, 2012 that the 30-year fixed-rate mortgage interest rate is at an all time record low. Lowest-ever rates and still-recovering property values mean this a perfect time to make the commitment to purchase.

How it Happened

According to Frank Nothaft, vice president and chief economist at Freddie Mac, “Signs of slowing economic growth and inflation remaining subdued allowed yields on Treasury bonds to ease somewhat and brought most mortgage rates to new all-time record lows this week.”

The Numbers

The national 30-year fixed rate averaged 3.84%, down from 3.88% last week. 15-year rates averaged 3.07%, down from 3.12% last week. Freddie Mac has been keeping records of interest rates since its inception in 1970. See Freddie Mac’s site for more interest rate history.

What it Means to You

Making a large financial commitment like a home purchase during an unsettled economy may seem like an uncomfortable risk to you. But depending on your current financial situation, this could be the best time to purchase a primary residence or make a real estate investment. Contact your financial advisor, and then contact me to find the perfect home.

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