Long-Term Mortgage Rates are Still Falling

Freddie Mac recently released the results of its Primary Mortgage Market Survey® (PMMS®), and the findings have stated that, fixed-rate mortgages reached record lows, while the 5-year adjustable rate also remained at a record low.

The 30-year fixed-rate mortgage are at 4.36 percent. Last year at this time, the 30- year fixed-rate mortgage averaged 5.14 percent.

15-year fixed-rate mortgages averaged a recent record low of 3.86 percent. A year ago at this time, the 15-year FRM averaged 4.58 percent.

According to the Federal Housing Finance Agency’s purchase only index, housing prices look like they may be stabilizing. On a national rate housing prices rose 0.9 percent on a seasonally-adjusted basis during the second quarter of this year after 11 consecutive quarterly declines.

If you have been patiently waiting to buy a Hoboken home, now is the time to do it. All of the key factors are in place to ensure that your home purchase will be a major, positive life-changing event. With low mortgage rates now available, this is the opportunity you have been waiting for. Make 2010 the year you purchase your dream home.

For more information contact Eddie Perez, Broker-REALTOR, CDPE. Eddie’s market includes Hoboken, Jersey City, Weehawken and Union City. Eddie can also be reached by phone at 201-344-2886.