Amount of Home Loans Increased as Rates Slides Downward

According to Freddie Mac and the Mortgage Bankers Association, there has been an increasing request for loans as rates flow downward. Freddie Mac released a result of the latest Primary Mortgage Market Survey; it showed an average of 3.40% on rates of 30-year fixed-rate loans when September closed, much lower than the 3.49% recorded for third week of September, and a 4.01% one year before. Last time Freddie Mac recorded a rate this low was way back year 1971.

For 15-year fixed-rate loans, rates downed to 2.73% from 2.77% on the third week, and a 3.28% a year ago. This rate can equate to the value that was recorded last 1991.

Five-year ARM loans hit an average of 2.71% from 2.76% on the third week of September, and a 3.02% as recorded last year. The percentage 2.69% was a record-breaking event that is equal to what was recorded last July of 2005.

A year ago, one-year ARM loans were 2.83%. Now, the rates have recorded an average of 2.60%. This rate is parallel to the rates recorded from 1984, which have never been this low before.

Frank Nothaft, chief economist of Freddie Mac, said that the continuing decline of fixed mortgage rates is because of the purchases of mortgage securities by the Federal Reserve and the continuing progressive real estate market. Homes sold last July and August were its strongest since March and April 2010.

Federal Reserve announced last September 13 that it would dive into its third cycle of quantitative easing “QE3” by adding its procurement of mortgage-backed securities as assured by Fannie Mae and Freddie Mac.

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Please seek legal advice. This information is for informational purposes only.


Contact Stephanie Anson, CLHMS, CDPE, SFR, Realtor®, Anson Properties LLC. Licensed Realtors® in Florida at 352-260-0153 to list your property for sale or to purchase a property in Gainesville, Archer, Alachua, High Springs, Waldo, Keystone Heights, Hawthorne, Melrose, Cross Creek, LaCrosse, Williston, Earlton, Ocala, Micanopy, Newberry, Kanapaha, Haile Plantation, Duck Pond and the rest of Alachua County Florida, Orange County Florida and Seminole County Florida. We are accepting referrals. Gainesville Short Sale Agents

  

Stephanie Anson
 

When choosing a Gainesville, FL short sale agent, Stephanie Anson understands how avoiding foreclosure impacts you and your family’s life as well as those around you. Stephanie Anson is a respected member of the local business community and knows what it takes to prevail. She is one of the most dedicated and committed Gainesville, FL short sale agents. Her experience and emphasis on customer service and satisfaction along with her technological background has been a driving force throughout her real estate career. From the time Stephanie served in the US Navy to now, she takes the time to get to know each of her clients, associates, and industry professionals and forms lifelong relationships with them.

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