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Sunday, October 16, 2011

Mortgage Rates are LOW

The average rate on a 30-year fixed mortgage has fallen to its lowest level on record -- 4.15 percent.

The last time rates were lower was in the 1950s, when gas was 80 cents a gallon, and the average house cost $25,000.

Five years ago, the average 30-year fixed rate was near 6.5 percent.

In 2000, it exceeded 8 percent.

Most homeowners are paying rates more than a full percentage point higher than the current average.

The average rate on a 15-year fixed mortgage fell to 3.36 percent, also a record low.

If you’re a qualified Borrower and want to take advantage of these record low rates, I can help.

If you are thinking of Selling, you should know that inventory is as low as the rates are! This makes it very attractive to you as a seller. Be aware, that because inventory is so low, Sellers are receiving multiple offers on their homes. In other words, Buyers are fighting over the available homes. I'd be happy to help you discover what the market is doing in your neighborhood. Contact me for a complimentary market analysis.

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