Rates Fall Again!! Now is a great time to buy a home!

Rates Fall Again!

Now is a great time to buy a home!

According to Bloomberg - Oct. 8th:

Mortgage rates for 30-year fixed U.S. home loans fell for the second consecutive week, pushing borrowing costs to near record lows.

The average U.S. 30-year rate dropped to 4.87 percent from 4.94 percent last week.  The 15-year rate was 4.33 percent, mortgage buyer Freddie Mac of McLean, Virginia, said today in a statement.

Falling rates helped boost home-loan applications last week to the highest level since May.  The Mortgage Bankers Association's index of applications to purchase a home or refinance rose 16 percent.  Rates around 5 percent, slumping home prices and a government tax credit for first-time homebuyers are bolstering demand for housing.