Homebuyers have enough to stress over with everything that comes along with home hunting. Selecting a realtor, inspections, bidding and everything else that comes into play means even more to put onto your plate. Luckily, there is some good news for those of you looking to buy a home. Specifically if you select a 30-year fixed rate mortgage loan.
We keep hearing that fixed mortgage rates are at all time lows but exactly how low are these rates? Well it seems that 30-year fixed rate mortgage rates have held steady at an incredibly low amount, so low that it has set the record for the entire 40-year history of the Freddie Mac Primary Mortgage Market Survey. According to the survey, 30-year fixed mortgage rates were held steady with an average of 3.87% for the week ending February 9, something not previously seen before.
Even the 15-year fixed rate had set a record of 3.14%, which hasn’t been matched before. As long as rates continue to stay at their current levels or even drop, that’s some great news for those of you looking to purchase a home. Not to mention that unemployment has finally been dropping, currently down to 8.3% on a national scale. Even Michigan is slowly beginning to heal its wounds with unemployment now down to 10.5%, which isn’t the greatest number to have but at least we’re no longer in last place for unemployment. That title now goes to Nevada with a total 12.4% unemployment.
Establishing yourself as a homeowner has been considered a fairly difficult task over the past few years and rightfully so as everyone and everything seems to have suffered. Even more difficult is being a homeowner in Michigan as we were hit pretty hard with the collapse of the automotive industry that occurred. Riverbank Finance is here to help in anyway we can though if you’re looking to purchase a home and take advantage of today’s record low rates. Our certified lone-officers will not only aid you in figuring out a mortgage but we can also connect you with some great resources for homebuyers. Just give us a call at 1-800-555-2098.