Declining Mortgage Rates
What does it Mean for Homebuyers? Mortgage rates continued to slip over the past week, continuing a trend that has been seen over the past five weeks, according to Freddie Mac's latest Primary Mortgage.
In this video, points to the Freddie Mac Home One program that's launching on July 29. This is a 3 percent down conventional program for homebuyers regardless of income and geography, and though it is a bit more expensive than a similar program by Fannie Mae, it's still a 'better option than FHA.
During the week, the 30-year fixed-rate mortgage averaged 4.52 percent down from 4.55 percent last week. The 30-year fixed-rate mortgage, however, still remains above the 3.96 percent recorded during the same period a year ago. The 15-year fixed-rate mortgage ended the week at 3.99 percent, down from 4.04 percent last week.
For homebuyers, the decline in rates was good news. 'Mortgage rates may have a little more room to decline over the very short term. 'Although the current economic expansion is in its tenth year, residential single-family real estate was initially slow to recover. Now, backed by the demographic tailwind provided by millennials reaching the peak age to buy their first home, the housing market should have some room to grow going forward.'
Top 3 Housing Trends
A new down payment program by Freddie Mac, the efforts of the Government Sponsored Enterprises (GSEs), especially Fannie Mae, on making financing for condos easier, and how virtual e-closing expanding across the country are some of the latest trends that are shaping the housing market this month.
He also gives an update on condos and the announcements by the GSEs as well as FHA on making the financing process for these properties easier and more accessible. Some of the changes include Fannie and Freddie's initiatives to treat detached condos as SFR as well as FHA's list of approved condos.
'Condos are going to become easier for all of us in the industry.
Ready to Sell or Buy now is the Time, We have a wealth of information and 18 years of experience to help you get started. Visit us at WWW.PrecisionReal-T.com or if you prefer a more personal touch Call us today at 801 809-9866.
#RealEstateForSale #Homeownership #UtahRealEstate #MortgageRates
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