A report out of Washington today has mortgage rates falling to the lowest point since Freddie Mac began to track rates in 1972. The average rate for a 30 year fixed mortgage was at 4.69%. The previous record was 4.71%
The demand on treasure bonds has sky rocketed since nervous investors have shifted their money from stocks to the safer bonds.
The news about rates is great for the home sales market after a recent report that sales of new homes and existing homes fell dramatically in May after the government tax credits expired.
Even though house affordability indexes are better than they have ever been, many buyers are still too nervous about their jobs and the economy to make the home buying decision.
If you have any questions about current interest rates, purchase financing, or refinancing your current mortgage, call Kristen at 801-913-7367.