In Freddie Mac's weekly survey last week, all long-term mortgage rates except the 1-year ARM hit record lows. The 30-year fixed-rate mortgage averaged 4.69%. Last year for the same time the rate averaged 5.42%.
"Mortgage rates for all but traditional 1-year ARMs hit all-time record lows this week in our survey while activity in the housing market slowed in May following the expiration of the homebuyer tax credit," said Frank Nothaft, Freddie Mac vice president and chief economist. "Freddie Mac began collecting rates for 30-year fixed loans in April 1971, 15-year fixed mortgages in September 1991 and 5-year hybrid ARMs in January 2005. The record low for traditional 1-year ARMs of 3.36 percent occurred during the week of March 25, 2004."
Realtors have been emphasizing the low rates for over a year now - and they are now at the lowest they have been since records were kept. Don't miss this once-in-a-generation opportunity to buy Daytona Beach real estate at historic low prices and rates.
Sherry Armstrong, Realtor
386-679-3191
yourkeytothebeach@gmail.com
www.sherryarmstrong.com
www.ormondbeachscene.com
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