Rates right now are already sitting at all time record lows, making it the perfect time to buy your dream home in Glen Laurel or in the surrounding Triangle area. The first week of January, Freddie Mac’s weekly survey of conforming mortgage rates reported that 30-year fixed rates hit 3.91%. This number ties the record for the lowest rates that have been in the history of the survey. To put into perspective how low that is, the highest the survey has seen was in 1981 when interest rates hit a high of 18.63%. The annual average rate on a 30-year fixed rate mortgage reached its historic low last year with rates averaging 4.66% according to Bankrate.com and 4.5% according to Freddie Mac.
Freddie Mac is forecasting that interest rates will average 4.2% in the first quarter of 2012 and should average 4.8% in the fourth quarter of 2012. Continued low rates allow those potential buyers who were are working improving their credit to be able to take advantage of these low rates.
To take advantage of these low interest rates and buy a new home in Glen Laurel, contact Rodney Geohagan. The Geo Team is here to help you with all of your real estate needs. Rodney Geohagan is a certified distressed property expert who has the experience to help you sell your home and is qualified to help you with all options before it is too late. There are many questions about how the short sale process works, and whether a homeowner would be better off selling short or signing over their deed in lieu of foreclosure. Rodney has the answers and would love to sit down for a confidential review of your options.
Great post about mortgage rates but Mortgage rates are varying regularly as compare to other interest rates. Pay attention to trends and keep in mind those present mortgage rates changes frequently. Instead of trying to pinpoint a day when the mortgage rate is at its lowest, ensure how the rates vary from one day to the next.
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