It is no surprise that housing prices are down all over the country. Locally, home prices are at levels not seen since 2005/6. These prices are generating solid interest from buyers who like the affordability they are seeing in many homes today.
Affordability of homes, however, is calculated on both the price of the home as well as the cost to finance it. And right now, mortgage interest rates have never looked better.
In its weekly survey of the mortgage markets, Freddie Mac reports that the average rate on a 30-year, fixed rate mortgage last week was just 4.57% with fees and points of 0.7. That is the lowest level in the nearly 40 years that Freddie Mac has tracked the rates. In June 2009 rates averaged 5.42%.
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