Fed to Keep Interest Rates Low Until 2013
Interest rates on U.S. 30-year mortgages tumbled today near record lows, after just yesterday the U.S. Federal Reserve pledged to keep “exceptionally low” interest rates in place until at least mid-2013.
Fixed rates for 30-year mortgages have dropped to their lowest levels in eight months, while 15-year loans fell to record lows, according to Freddie Mac. LendingTree said the average 30-year mortgage rate fell to 4.25% today, just above the record low of 4% percent set last week. Top-notch borrowers could obtain a 30-year mortgage at a record low rate of 3.75%, according to LendingTree.
A common question I hear; Have we hit the bottom of the market? The question we should be asking – is now a good time to buy? Absolutely… If you have stable income, plan on staying in the area for a few years, now is an excellent time to take advantage of the record low interest rates opportunity and invest in home ownership.