According to Freddie Mac, 30-year-fixed-rate mortgage average fell further to 4.87 percent with an average 0.7 point for the week ending Oct. 8 from 4.94 percent last week. “Such low rates are spurring mortgage demand,” said Frank Nothaft, Freddie Mac vice president and chief economist, in a statement.
“Interest rates for 30-year fixed-rate loans were the lowest since mid-May; 15-year FRMs were at a record low since data were first collected in 1991 and 5-year ARMs also hit an all-time record starting in 2005. Compared to a year ago, consumers could shave almost $134 off their monthly mortgage payments on a 30-year fixed-rate loan for $200,000 by refinancing.
In addition to spurring mortgage demand, applications were up to a 19-week high over the week ending in Oct. 2, according to the Mortgage Bankers Association – applications to purchase a home were at the strongest pace since the beginning of 2009.
For weekly market conditions please check out Market Snapshots at www.AthensHomeTrends.com.
About hankbailey
Member of the Athens Area Association of REALTORS®, Georgia Association of REALTORS®, and the National Association of REALTORS®. I grew up in Athens and graduated from UGA with a BBA from the Terry College. I serve as a Residential Real Estate Listing and Buyer Services through Prudential Georgia, one of the largest real estate companies in the State of Georgia. Working with first time home buyers, step-up buyers, and Relocations in Jackson, Barrow, Oconee, and Athens-Clarke Counties.
http://www.AdvancedPropertyMarketing.com (this is our listing methodology)
http://www.GetJobLossProtection.com (this is an overview of our job loss program)
• Adept at understanding mortgage financing issues, products, and terminology.
• Technical expertise in internet marketing.
• Excellence in establishing trust with clients.
Represents Prudential Georgia Property Management in the acquisition and marketing of properties for lease in the Greater Athens area.
Personal website; www.athensgahomesforsale.com
Member of GA MLS
Member of FMLS
Member Georgia Association of REALTORS®
Member of Athens Association of REALTORS®
Member of the National Association of REALTORS®
Member of the UGA Alumni Association
