30 year mortgage rates drop below 5%

Shared by Niicss on Fri Mar 20, 2009 3:29 am
30-year fixed mortgage rates have dropped below 5% as the Federal Reserve declared that it would double the purchases of mortgage debt to reduce rates and attract homebuyers to the real estate market. The mortgage rates have dropped to 4.98% from 5.05% a week earlier. It is expected that real estate market will get a boost due to this and mortgage applications will rise in number. Source: http://www.dallasnews.com/sharedcontent/dws/dn/latestnews/stories/032009dnbusmortstory.3ec1823.html

Community Members Opinion

sara

Joined: 05 Jul 2006

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Posts: 1844
Location: New Brunswick, New Jersey

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Posted: Fri Mar 20, 2009 3:53 am Post subject:

Great news for lot of people who are planning to buy a home. This will also encourage a large number of people to refinance their properties as the rates are low. It is expected that California's housing market will receive a boost due to this drop in the mortgage rates. The fall in the rates would encourage the purchases and refinance activity in California which will help the state to recover from its worst slumps ever.

jerry

Joined: 17 Oct 2005

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Posts: 1848
Location: MICHIGAN

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Posted: Mon Mar 23, 2009 3:58 am Post subject:

Hi Niicss, Thanks a lot for having shared such an useful information with the community. This is indeed a good, rather happy piece of information for all those willing to realise their dream of owning a home of their own and to those looking for a refinance to manage their debts in a better way. Needless to mention, this will go a long way in strengthening the real estate market which is desperately craving for such revival measures. Thanks, Jerry


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