Mortgage Rates Fall To All Time Low

Mortgage Rates Fall To All Time Low

Freddie Mac said yesterday that the average rate a the 30 year fixed mortgage to an all time low of 3.89%, this is below the previous record set three weeks ago of 3.91%. Now that mortgage rates are so low, qualifying for them is harder than ever before. To top it all off Obama has recently passed a tax bill that will be in affect by the end of January, This tax is speculated to increase mortgage rates by up to 1%!  Mortgage Lenders are now subject to pay higher fees to Freddie Mac and Fannie May to secure their loans. But of course, these fees will be passed on to us the borrowers, and will most likely have a long term negative affect on mortgage rates in the future. My suggestion, Grab them while they are hot!

Bret Johnson

– OC Premier Estates – Dana Point & Laguna Beach Real Estate Specialist