Mortgage Rates & Home Ownership At Historic Lows

Here s some interesting news just released from Freddie Mac and The Washing Post: "Freddie Mac's Primary Mortgage Market Survey showed the average rate for the con...

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Mortgage Rates & Home Ownership At Historic Lows

Posted by Gary Ashton: RE/MAX ADMIN on Monday, October 10th, 2011 at 2:22pm.

Here s some interesting news just released from Freddie Mac and The Washing Post:

"Freddie Mac's Primary Mortgage Market Survey showed the average rate for the conventional 30-year fixed mortgage dropping below 4 percent for the first time in history amid increasing global economic concerns.

The 30-year fixed-rate mortgage (FRM) averaged 3.94 percent with an average 0.8 point for the week ending October 6, 2011, down from the prior week when it averaged 4.01 percent. Last year at this time, the 30-year FRM averaged 4.27 percent.

According to Frank Nothaft, vice president and chief economist for Freddie Mac, "Average 30-year conventional fixed mortgage rates fell below 4 percent for the first time in history this week following a sharp drop in 10-year Treasuries early in the week as concerns over a global recession grew. Average 15-year fixed rates fell to a record low [3.26] ...as well."

Meanwhile, census figures show that the national homeownership rate slipped in 2010 to 65.1 percent, the biggest decline since the Great Depression, but remains the second-highest decennial rate.

Analysts believe homeownership is unlikely to return to the nearly 70 percent level reached at the peak of the housing boom in the middle of the decade.

Unemployed young adults have delayed first-time purchases and are least likely to own a home, and homeownership among adults ages 35 to 64 has fallen to the lowest level in decades as many have faced foreclosure or bankruptcy."

[SOURCES: Freddie Mac; Washington Post; Information, Inc.]

 

Gary Ashton

The Ashton Real Estate Group of RE/MAX Advantage

The #1 Real Estate Team in Tennessee and #4 RE/MAX team in the world!

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