My Real Estate Blog

Mortgage rates for 30 year mortgages are down to 4.97% with an average of 0.7 point, compared to an average rate of 5.05% with 0.7 point. this according to Freddie Mac's Primary Mortgage Market survey.

The 15-year averages 4.33%, down from 4.40%. Fees and points raman unchanged at 0.7 point.

The 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) had an average rate if 4.11%, down from 4.16% in February. Fees and points also declined from 0.6 point to 0.5 point.

The drop in 30 year fixed rate mortgages is helping to maintain affordable homw-purchase conditions. Monthly principal and interest mortgage payment for a typical family buying a median priced home of $163,800, were just $709. in January.

Mortgage rates along with the federal tax credits (expiring April 30th), help to make homes affordable to many home buyers. A good time to jump into the home buying market.